Claymont Steel's 'B' corporate credit rating on positive watch - S&P |
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Tue, 11 Dec 2007 09:38
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has placed all of its ratings, including its 'B' corporate credit rating, on Claymont Steel Inc on positive watch after the announcement that Evraz Group SA, through its subsidiary Titan Acquisition Sub Inc, has agreed to buy Claymont for 23.50 usd per share, for an aggregate price of about 565 mln usd, including debt.The positive implications indicate the potential for an upward rating action, based on Claymont's definitive agreement to be acquired by Evraz, rated 'BB-' with a positive outlook, said S&P.The ratings agency said it expects to resolve the credit watch status when more details are available and it is able to determine the impact of the transaction on all of Claymont's debt holders.S&P said if all of the debt is refinanced as part of the acquisition, it will withdraw its ratings on Claymont when the transaction closes.TFN.newsdesk@thomson.comrsh/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Claymont Steel ratings on review for possible upgrade - Moody's 