Moody’s ups Big River Steel

Moody’s Investors Service said it upgraded Big River Steel LLC’s secured debt rating to B3 from Caa1 to reflect its priority position in the consolidated capital structure and the benefit of the loss absorption from United States Steel Corp.’s unsecured debt.

Simultaneously, Moody’s said it downgraded U.S. Steel’s secured debt rating to B3 from B2 to reflect the addition of Big River Steel’s secured debt in the consolidated capital structure. The agency withdrew Big River Steel’s Caa1 corporate family rating and Caa1-PD probability of default rating since the remaining 50.1% ownership interest was acquired by U.S. Steel on Jan. 15. It is now an operating subsidiary of U.S. Steel.

Moody’s affirmed all other U.S. Steel ratings, including its Caa1 corporate family rating, Caa1-PD probability of default rating and the Caa2 rating on its unsecured debt.

The outlook for both companies is stable.

© 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.