S&P ups BlueScope Steel to BBB-

S&P said it raised its issuer and issue credit ratings on BlueScope Steel Ltd. and the company's $500 million senior unsecured debt to BBB- from BB+.

At the same time, the agency withdrew the recovery ratings on the company's debt issues.

The outlook is stable.

S&P said it raised the ratings to reflect the sustained improvement in the company's underlying operating performance and continued deleveraging.

As a result, the company's financial profile has strengthened, which is considered to be sustainable, the agency said.

In addition, S&P said it considers that the company's financial policy and commitment to maintaining a conservative balance sheet support the rating.

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