S&P rates Magnetation notes B-

Standard & Poor's said it assigned its B- corporate credit rating to Magnetation LLC.

The outlook is stable.

At the same time, S&P assigned a B- issue-level rating to Magnetation's proposed $325 million senior secured notes co-issued by Mag Finance Corp. The recovery rating on the proposed notes is 4.

"The B- corporate credit rating on Magnetation LLC, an iron ore joint venture between Magnetation Inc. and AK Steel Corp., reflects our view of the company's 'vulnerable' business risk profile and its 'highly leveraged' financial risk profile," S&P credit analyst Megan Johnston said in a news release.

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