S&P may lift Standard Steel

Standard & Poor's said it placed the B- corporate credit rating on Standard Steel LLC on CreditWatch with positive implications, indicating that the agency will raise the rating to B if the company issues its proposed $135 million senior secured notes due 2015.

The recovery rating on this debt is 3 and the issue-level rating is B.

Proceeds will be used to repay in full its existing term loans, which currently have limited covenant headroom.

S&P said the pending refinancing would improve Standard Steel's liquidity position and debt maturity profile.

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