Moody's drops Standard Steel to Caa1

Moody's Investors Service said it downgraded the corporate family and probability-of-default ratings of Standard Steel, LLC to Caa1 from B3.

The outlook remains negative.

The downgrade reflects weakness in the railcar build market that will likely continue to weigh down Standard Steel's earnings prospects in 2010 and possibly in 2011, according to the agency.

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