S&P lifts Reliance Steel

Standard & Poor's said it raised its ratings, including its corporate credit and senior unsecured debt ratings, on Reliance Steel & Aluminum Co. to BBB from BBB-.

At the same time, the agency said it removed all of the ratings from CreditWatch, where they were placed with positive implications on April 17, 2012. The outlook is stable.

"The upgrade reflects our view that Reliance's large, diversified distribution business, which has exhibited stable margins and improving credit metrics over the last several years, is likely to post future results consistent with a BBB rating," said S&P credit analyst Gayle Bowerman in a news release.

"Despite the slow recovery in the U.S. economy, Reliance has delivered consistent revenue and EBITDA growth over the last several years. This has led to better credit metrics and healthy cash flow generation," Bowerman said.

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