Fitch downgrades U.S. Steel, debt to B+

Fitch Ratings said it downgraded United States Steel Corp.’s (U.S. Steel) issuer default rating and senior unsecured debt ratings to B+ from BB-.

The senior secured credit facility was affirmed at BB+/RR1.

The outlook was revised to negative.

Improvement in earnings and cash flow will require better oil prices and a reduction in import competition. While Fitch expects trade cases to result in a reduction in the market share of imports and views current oil prices as unsustainably low, visibility into the timing of the recovery is limited, the agency said.

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