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Moody’s drops Russel Metals CFR, notes to Ba2
Moody's Investors Service said it downgraded Russel Metals, Inc.'s corporate family rating to Ba2 from Ba1, probability of default rating to Ba2-PD from Ba1-PD and senior unsecured note rating to Ba2 from Ba1.
The speculative grade liquidity rating was affirmed at SGL-2.
The outlook is stable.
The downgrades reflect expectations for a material deterioration in Russel's operating results and credit metrics in the near-term as well as its aggressive dividend policy, Moody’s said.
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