S&P lowers, withdraws Tube City

Standard & Poor's said it lowered the corporate credit rating on Tube City IMS Corp. to B+ from BB- and assigned a stable outlook following news by the Pritzker Organization that it has completed the acquisition of TMS International.

The agency also said it removed all of the ratings from CreditWatch, where they were placed with developing implications in August.

S&P also said it withdrew the corporate credit rating on Tube City and all of the issue-level ratings on its debt, which has been repaid.

The downgrade reflects that the company's credit quality is now aligned with that of its parent, TMS International, following the closing of the acquisition by the Pritzker Organization, the agency said.

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