Moody's upgrades Ryerson Holding

Moody's Investors Service said it upgraded Ryerson Holding Corp.'s corporate family rating to B1 from B2 and its probability of default rating to B1-PD from B2-PD. The agency also raised Joseph T. Ryerson & Son's senior secured notes rating to B2 from B3. Moody's maintained Ryerson's speculative grade liquidity rating of SGL-2.

"The upgrade of Ryerson's ratings reflects its sustainably improved credit profile resulting from its recent aggressive debt reduction efforts supported by its strong free cash flow and proceeds from sale-leaseback transactions. This will enable the company to maintain credit metrics that support the upgrade even when end market demand and metals prices decline to more sustainable levels," said Michael Corelli, Moody's senior vice president and lead analyst for Ryerson Holding Corp., in a press release.

The outlook remains stable.

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