Moody's ups Ryerson, gives loan Ba3

Moody's Investors Service said it upgraded Ryerson Holding Corp.'s corporate family rating to Ba3 from B1 and its probability of default rating to Ba3-PD from B1-PD. The agency also gave a Ba3 rating to Joseph T. Ryerson & Son's $1.3 billion revolving credit facility.

Moody's previously withdrew the rating on Joseph T. Ryerson & Son's senior secured notes since they were fully repaid last month. The agency also maintained the SGL-2 speculative grade liquidity rating.

"The upgrade of Ryerson's rating reflects corporate governance considerations since the company has pursued aggressive debt reduction supported by its strong free cash flow that has resulted in an improved credit profile. This will enable the company to maintain a stronger credit profile even when end-market demand and metals prices decline to more sustainable levels," said Michael Corelli, a Moody's Senior vice president and lead analyst for Ryerson Holding, in a press release.

The outlook for both companies is stable.

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