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Moody’s rates U. S. Steel notes B2
Moody’s Investors Service said it assigned a B2 rating to United States Steel Corp.’s $700 million of guaranteed first-lien senior secured notes.
“The B2 rating on the senior secured notes reflects their priority position in the capital structure. The Caa2 ratings on the convertible notes and senior unsecured notes reflects their effective subordination to the secured ABL and secured notes as well as priority payables,” the agency said in a press release.
Moody’s also affirmed all other ratings, including the Caa1 corporate family rating. The outlook remains negative.
“The affirmation of the Caa1 CFR considers the capital raising to increase liquidity to provide sufficient availability to accommodate the anticipated negative performance and negative cash burn, particularly in 2020,” said Carol Cowan a Moody’s senior vice president and lead analyst for U. S. Steel, in a press release.
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