S&P puts Metals USA on watch

Standard & Poor's said it placed Metals USA Holdings Corp. and its wholly owned subsidiary Metals USA Inc.'s B- corporate credit ratings on CreditWatch with negative implications as well as the CCC ratings on the senior secured notes and senior unsecured pay-in-kind toggle notes.

"The CreditWatch listing reflects our concern that because of the sharp deterioration in steel market conditions in North America over the past several months, and our expectation that operating conditions will remain challenging in the near term, Metals USA's profitability, cash flow, and credit measures will weaken materially during 2009, potentially pressuring its liquidity position," S&P analyst Maurice Austin said in a statement.

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