S&P lowers Continental Alloys

Standard & Poor's said it lowered its corporate credit rating on Continental Alloys & Services Inc. to B- from B.

At the same time, S&P said it lowered the ratings on the company's $40 million asset-based revolving facility and $140 million senior secured term loan to B- from B, with recovery ratings of 3, the agency said.

The outlook is negative.

According to the agency, the downgrade reflects its assessment that weaker demand from exploration and production companies and lower steel prices due to weak energy prices will result in a decline in the company's near-term operating performance.

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