S&P affirms Tempel Steel

Standard & Poor's said it affirmed its ratings on Tempel Steel Co., including the B- corporate credit rating. At the same time, S&P removed the ratings from CreditWatch, where they had been placed with negative implications on Jan. 8.

The outlook is negative.

"The affirmation and negative outlook reflect Tempel Steel's weak operating performance that has resulted in credit measures consistent with a 'highly leveraged' financial risk profile and our expectation that, while we expect operating and financial performance to stabilize and gradually improve, headroom under covenants will likely remain limited in the coming quarters," said S&P credit analyst Carol Hom in a news release.

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