S&P rates metals’ credit quality as stable

Dec 26, 2007 | 11:15 AM | Michael Cowden

Despite the turmoil in financial markets, credit quality and outlook remains stable for most metal and mining companies, according to recent reports from Standard & Poor's Ratings Services.

While metal prices have moderated, they remain at historic highs, the New York-based unit of McGraw Hill Cos. said. And ratings in general have improved along with stronger operating cash flows and issuer-specific measures to reduce debt. The reports were published Dec. 19 and 20.

For the steel sector, low inventories and imports should lead to higher flat-rolled prices going into 2008, S&P said. And despite pockets of weakness, demand for long products should remain strong, the company said.....

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