Moody’s lowers Magnetation outlook
Jul 10, 2014 | 02:21 PM
| Nat Rudarakanchana
NEW YORK Moodys Investors Service Inc. has assigned a negative credit outlook for Magnetation LLC, an iron ore joint venture half-owned by AK Steel Corp., citing weak and volatile iron ore prices.
The move covers about $425 million in debt issued or proposed by Grand Rapids, Minn.-based Magnetation, including $100 million in senior notes due 2018.
Moodys changed the outlook from stable. "The negative outlook reflects the recent volatility and weakness in iron ore prices and the impact that will have on the companys operating earnings, along with the leverage being added from the add-on note offering," Moodys said in a July 8 report.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.