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A.M. Castle & Co. Assigned 'B+' Rating, $225 Million Notes Rated 'B+' (Recovery Rating '4'); The Outlook Is Stable Jan 12
Standard & Poors, Jan 2012
Abstract
U.S.-based specialty metals distributor A.M. Castle & Co. closed on its issuance of $225 million in senior secured notes due 2016 and used the proceeds to fund its $165 million acquisition of Tube Supply Inc. and repay existing debt. We are assigning a 'B+' corporate credit rating to Castle. At the same time, we are assigning a 'B+' issue-level rating, with a recovery rating of '4', to its note issuance. The stable outlook reflects our expectation that the company's near-term operating performance will benefit from relatively favorable demand trends in its energy and aerospace end markets. NEW YORK (Standard & Poor's) Jan. 5, 2012--Standard & Poor's Ratings Services said today that it has assigned its 'B+' corporate credit rating to...
Companies mentioned in this report are: A.M. Castle & Co.
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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