S&P revises Ryerson view to negative

S&P said it revised the outlook for Ryerson Holding Corp. to negative from stable, but affirmed the B ratings on the company and its senior secured notes. The recovery rating remains 4.

“The negative outlook reflects the risk that the economic downturn and customer shutdowns brought on by the global coronavirus pandemic could lead to a more severe hit to Ryerson's business activity resulting in adjusted leverage sustained above 8x or EBITDA interest coverage below 1.5x,” said S&P in a press release.

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