S&P lowers Essar Steel Algoma credit rating

Jun 27, 2014 | 02:54 PM | Thorsten Schier

Tags  Essar Steel Algoma, Standard & Poor's, ratings downgrade, Donald Marleau, flat-rolled, sheet, Thorsten Schier

NEW YORK — Standard & Poor’s Ratings Services (S&P) has downgraded Essar Steel Algoma Inc.’s credit to "CCC-" from "CCC+" after the company opted against making a June 16 interest payment on its $385 million in unsecured notes.

"We lowered the ratings after the company elected to use the 30-day grace period allowed in its debt agreements to discuss recapitalization with its debt investors, which we believe could lead to either a significant refinancing or a general default," S&P credit analyst Donald Marleau said in a statement.....

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