Moody's revises Schuff outlook to developing

Moody's Investors Service said it affirmed Schuff International Inc.'s Caa1 corporate family and senior note ratings and revised the outlook to developing from positive after Witherspoon Acquisition Corp., a subsidiary of Witherspoon Inc., announced its intent to acquire all of the outstanding common shares of Schuff via a tender offer.

Moody's said the developing outlook incorporates the uncertainty whether Witherspoon Acquisition will be successful in completing the tender offer that will remain open until March 20. Upon the successful completion of the tender offer, the Schuff family members will become controlling equity holders of Witherspoon, which intends to refinance Schuff's existing debt.

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