S&P raises SSAB to investment grade

S&P said it raised SSAB’s issuer rating to BBB- from BB+.

“Extraordinary industry conditions in 2021 allowed SSAB to deleverage much faster than expected. Due to extraordinary industry conditions fueled by the recovery of demand and steel prices, SSAB posted unprecedented profitability, with EBITDA at SEK 22 billion in 2021, compared with our July projection of SEK 16 billion when we revised the outlook to positive,” the agency said in a press release.

S&P noted that on Dec. 31, SSAB's cash exceeded debt by SEK 2.3 billion

The outlook is stable.

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