Moody's cuts G Steel view to negative

Moody's Investors Service said it changed its outlook to negative from stable for the B2 corporate family rating and B2 senior unsecured bond rating of G Steel plc.

The change was prompted by the continuing weakness in the company's operating performance at a time when its refinancing plans for a $120 million bridge loan due Sept.13 are not yet finalized, the agency said.

While Moody's said it anticipates that some funds will be forthcoming, these are unlikely to come cheaply and this would further strain G Steel's financial profile.

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