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Moody's rates Alabama Metal loan B1
Moody's Investors Service said it assigned a B1 rating to Alabama Metal Industries Corp.'s $130 million senior secured term loan and a B1 senior implied rating.
The outlook is stable.
The B1 ratings reflect the company's high financial leverage when adjusted to account for operating performance volatility due to the company's exposure to the economic cycle, unpredictable industry pricing dynamics caused by volatile steel prices, and modest tangible asset coverage of total debt, the agency said.
The B1 ratings also reflect Moody's belief that the company will continue to maintain a strong competitive position in its diverse niche products, generate modest amounts of free cash flow for debt reduction, and retain sufficient liquidity to offset any operating performance volatility.
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