Moody's could upgrade Metals USA

Moody's Investors Service said it placed the B1 corporate family rating, B1-PD probability of default rating and B2 senior secured term loan rating of Metals USA Inc. under review for upgrade.

Moody's said the action follows the announcement that Reliance Steel & Aluminum has reached an agreement to acquire Metals USA for roughly $1.2 billion in cash.

The company's speculative grade liquidity rating of SGL-3 was affirmed.

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