S&P upgrades SSAB

S&P said it raised the long-term corporate credit rating on SSAB AB to BB- from B+.

The agency also said it affirmed the B short-term corporate credit rating.

The outlook is stable.

S&P also said it raised the rating on SSAB's senior unsecured debt to BB- from B+. The recovery rating on this debt is unchanged at 3, indicating 50% to 70% expected default recovery.

The upgrades follow the strong financial results reported for the first nine months of 2017, the agency said.

The upgrades also consider a view that SSAB has made good progress in debt and cost reduction amid improved steel market conditions in Europe and the United States following the introduction of import duties, notably on steel from China, S&P said.

The ratings also reflect an expectation that SSAB will continue to work toward its net debt reduction target of 10 billion in Swedish krone by the end of 2017, the agency said.

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