S&P upgrades SSAB, debt

S&P said it raised its long-term issuer credit rating on SSAB AB to BB from BB-.

At the same time, the agency affirmed the B short-term issuer credit ratings on the company.

The outlook is positive.

S&P also raised the issue ratings on SSAB's senior unsecured debt to BB from BB-. The recovery rating is unchanged at 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a payment default.

“The upgrade reflects our expectation for credit metrics to strengthen faster on the back of continued strong end-market demand,” the agency said in a news release.

“In our view, the current market conditions may soften a bit in 2019 but will remain favorable compared with 2017.”

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