01 AUGUST 2012Reuters
S&P Ratings Services raise Reliance Steel & Aluminum to 'BBB'
Edited by : AL CIRCLE
1 min read
On July 31, 2012, Standard & Poor's Ratings Services raised its ratings, including its corporate credit and senior unsecured debt ratings, on Los Angeles-based Reliance Steel & Aluminum Co. to 'BBB' from 'BBB-.' The rating outlook is stable.
Here is an overview from the Standard & Poor's Ratings Services: • We expect Reliance Steel & Aluminum Co. to continue generating margins in the 8% to 10% area while maintaining a conservative financial policy that allows it to comfortably weather market volatility.
• We are raising our ratings on Reliance Steel, including the corporate credit and senior unsecured debt ratings, to 'BBB' from 'BBB-.'
• At the same time, we are removing all of the ratings from CreditWatch, where we placed them with positive implications on April 17, 2012.
• The stable outlook reflects our view that the company's operating performance over the next few years will support credit metrics consistent with the rating, with leverage between 2x and 3x.
Here is an overview from the Standard & Poor's Ratings Services: • We expect Reliance Steel & Aluminum Co. to continue generating margins in the 8% to 10% area while maintaining a conservative financial policy that allows it to comfortably weather market volatility.
• We are raising our ratings on Reliance Steel, including the corporate credit and senior unsecured debt ratings, to 'BBB' from 'BBB-.'
• At the same time, we are removing all of the ratings from CreditWatch, where we placed them with positive implications on April 17, 2012.
• The stable outlook reflects our view that the company's operating performance over the next few years will support credit metrics consistent with the rating, with leverage between 2x and 3x.
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