Moody’s ups BlueScope to investment-grade

Moody's Investors Service said it upgraded BlueScope Steel (Finance) Ltd.’s backed senior unsecured rating to Baa3 from Ba1.

At the same time, the agency assigned a Baa3 issuer rating to BlueScope Steel Ltd. and withdrew the Ba1 corporate family rating.

The outlook is stable. BlueScope Steel (Finance) is a wholly owned financing subsidiary of BlueScope.

"The upgrade to Baa3 reflects the substantial transformation and improvement in BlueScope's business profile that has occurred over the last several years, which we believe has led to sustained improvements in profitability and earnings stability," Moody's vice president and senior credit officer Matthew Moore said in a news release.

"The upgrade also reflects BlueScope's track record of maintaining strong credit metrics and conservative financial policy, which we believe is more indicative of an investment-grade financial profile."

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