S&P lowers Worthington outlook to negative

Standard & Poor's said it revised its outlook on Worthington Industries Inc. to negative from stable.

At the same time, the agency said it affirmed its ratings on the company, including its BBB corporate credit rating.

"The outlook revision reflects weakness in the company's steel processing and metal framing businesses as a result of declining demand in the company's major end markets, autos and commercial construction, due to the current challenging economic environment," said S&P credit analyst Marie Shmaruk.

"We expect this trend to continue in the near term. As a result, the agency said it expects the company's operating performance and credit metrics to deteriorate over the next few quarters to a level we would consider to be weak for the current rating despite aggressive restructuring activities."

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