S&P places Tube City IMS on positive watch

Standard & Poor's said it placed all of its ratings on Tube City IMS Corp., including the B+ corporate credit rating, on Creditwatch with positive implications.

The Creditwatch listing indicates that there is a 50% chance of an upgrade on completion of the review, the agency noted.

"The positive implication of the Creditwatch listing reflects its expectation that the steel service provider's operating performance this year will be better than we previously expected," said S&P credit analyst Maurice Austin.

The moderate recovery in steel production and greater industry capacity use - now more than 75% - factor into the raised expectations.

© 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.