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S&P cuts Essar Steel
Standard & Poor's said it lowered its long-term corporate credit rating on Essar Steel Algoma Inc. to CCC from CCC+.
The agency said it also lowered its issue-level rating on the company's senior secured notes to B- from B. The 1 recovery rating on the debt is unchanged.
In addition, S&P said it lowered its issue-level rating on the company's senior unsecured notes to CCC- from CCC. The 5 recovery rating on this debt is unchanged.
The agency said it is maintaining the CreditWatch with developing implications on all ratings.
"The downgrade and CreditWatch reflect what we view as the mounting challenges ESA faces as it refinances its $300 million revolving credit facility," said S&P credit analyst Donald Marleau in a news release.
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