S&P cuts Aperam

Standard & Poor's said it lowered its long-term corporate credit rating on Aperam SA to B+ from BB-. The outlook is negative.

The agency lowered ratings on the $500 million senior notes due 2016 and 2018 issued by Aperam to B+. The recovery rating on the notes is unchanged at 4, indicating an expectation of average recovery for noteholders in the event of a payment default.

S&P said the downgrade reflects an expectation that Aperam will post much weaker adjusted funds from operations-to-debt ratio in 2012 compared with 2011 because of a steep decline in EBITDA.

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