S&P rates Steel Funding notes BB+

S&P said it assigned its BB+ preliminary credit rating to Steel Funding Ltd.’s loan participation notes.

The note proceeds from the issuer will only be lent to NLMK OJSC, a Russia-based steel company, under a loan agreement.

The key risk for the notes issued by Steel Funding is the credit risk of NLMK, which will be paying timely interest on the repack notes each quarter and ultimate principal on the final maturity date. NLMK is rated BB+.

© 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.