S&P downgrades Tempel Steel

Standard & Poor's said it lowered its corporate credit rating on Tempel Steel Co. to B- from B and placed the ratings on CreditWatch with negative implications.

"The downgrade reflects weaker-than-expected operating performance," said S&P credit analyst Carol Hom in a news release. "We expect that Tempel Steel will maintain limited headroom under covenants in the coming quarters. Free cash flow generation has been weaker than we expected, and we believe it could be negative in 2013 if operating fundamentals do not improve."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.