S&P lifts Aperam from junk

S&P said it raised the long-term corporate credit rating on Aperam SA to BBB- from BB+.

The outlook is stable.

The agency also said it raised the ratings on the senior secured convertible notes to BBB- from BB+. The 3 recovery ratings on this debt were withdrawn as it is now investment grade, S&P explained.

The upgrades reflect Aperam's continued strong and resilient operational performance, supported by an ongoing restructuring and cost-reduction program, the agency said.

The agency said it believes the stainless steel industry is seeing signs of recovery, which will continue to positively reflect on Aperam's operating performance and free cash flow generation.

The company has good visibility through the first half of 2017, expecting positive results similar to those in the first quarter, S&P said.

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