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S&P rates Steel Funding notes BB+
S&P said it assigned its BB+ preliminary credit rating to Steel Funding Ltd.’s loan participation notes.
The note proceeds from the issuer will only be lent to NLMK OJSC, a Russia-based steel company, under a loan agreement.
The key risk for the notes issued by Steel Funding is the credit risk of NLMK, which will be paying timely interest on the repack notes each quarter and ultimate principal on the final maturity date. NLMK is rated BB+.
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