Moody’s: TMS International loan B1, notes Caa1; stable

Moody's Investors Service said it changed the outlook of TMS International Corp. (Tube City IMS Corp.) to stable from negative to reflect the recent improvement in its operating performance supported by relatively favorable end market dynamics and the expectation those conditions will continue over the next 12 to 18 months.

The outlook change also reflects the company's proposed debt refinancing, which is expected to extend its debt maturities and potentially reduce its interest costs.

At the same time, Moody's affirmed TMS International's B2 corporate family rating and its B2-PD probability of default rating, and assigned a B1 rating to its proposed senior secured term loan and a Caa1 rating to its proposed senior unsecured notes.

The B1 rating on the existing senior secured term loan and the Caa1 rating on the existing senior unsecured notes are unchanged. These ratings will be withdrawn once the refinancing is completed.

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