S&P lowers SSAB

Standard & Poor's said it lowered its long-term corporate credit rating on SSAB AB to BB- from BB. The outlook is stable.

At the same time, S&P lowered its issue rating on SSAB's senior unsecured debt to BB- from BB. The recovery rating on this debt is unchanged at 3, indicating an expectation of meaningful (50%-70%) recovery in the event of a payment default.

S&P said the downgrade reflects the downward revision of S&P's assessment of SSAB's competitive position to "weak" from "fair" to reflect the high volatility of the company's earnings.

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