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S&P rates U.S. Steel notes B-
S&P said it assigned its B- issue-level and 3 recovery rating to U.S. Steel Corp.’s proposed unsecured notes. The 3 recovery rating indicates an expectation for a meaningful recovery in default.
The agency said it revised the recovery rating on its outstanding senior unsecured debt to 3 from 4. S&P said it expects U.S. Steel to use the note proceeds and those from a recent equity sale to repay the remaining $700 million of senior secured notes due 2025.
“Our long-term B- issuer credit rating on U.S. Steel is unchanged and continues to reflect its volatile earnings and cash flow, large debt load and pension obligations, improving financial strength following the recent acquisition of Big River Steel LLC and better profits,” S&P said in a press release.
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