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S&P: TMS loan B+, notes B-
Standard & Poor's said it assigned a B+ corporate credit rating to TMS International Corp., along with a B+ rating to the proposed $400 million senior secured term loan with a 3 recovery rating.
S&P also said it assigned a B- rating to the proposed $300 million senior unsecured notes with a 6 recovery rating.
The outlook is stable.
The stable outlook reflects a belief that the company will reduce leverage in the near term to levels consistent with an aggressive financial risk profile while maintaining adequate liquidity, S&P said.
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