| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for Metals USA Inc. > News item |
S&P upgrades Metals USA
Standard & Poor's said it raised its corporate credit ratings on Metals USA Holdings Corp. and the company's wholly owned subsidiary, Metals USA Inc., to B+ from B.
"The upgrade reflects our expectation that Metals USA's operating performance will continue to improve year over year," said S&P credit analyst Maurice Austin in a news release.
The company posted better-than-expected results for the second quarter following its acquisition of metals distributor the Richardson Trident Co. in March 2011; increased volumes and pricing due to better end-market demand also contributed to the quarter's growth.
S&P said it also raised its issue-level rating on Metals USA Inc.'s senior secured notes due 2015 to B+ from B. The recovery rating remains 3, which indicates the expectation of meaningful (50% to 70%) recovery for lenders in the event of a payment default.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.