Moody's cuts Ryerson

Moody's Investors Service said it lowered Ryerson Inc.'s corporate family rating to B3 from B1 and its senior secured floating-rate notes due 2014 and 12% notes due 2015 to Caa1 (LGD4, 69%) from B2.

Ryerson's speculative grade liquidity rating was lowered to SGL-3 from SGL-2.

The outlook is stable.

The downgrades reflect the below-expectations performance of Ryerson over the past year, combined with expectation of reduced profitability in 2009 as a result of the significant decline in U.S. industrial and construction activity, according to the agency.

Moody's said it expects the company's debt-to-EBITDA ratio to be in the 7x to 9x range.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.