Research Update: Tube City IMS Corp. 'BB-' Rating Affirmed; Senior Secured Term Loan Rated 'B+'; Outlook Stable Mar 12

Standard & Poors, March 2012

Abstract
U.S. steel mill services provider Tube City IMS Corp. (Tube City) is proposing a $300 million senior secured term loan, which we expect will be utilized to refinance existing debt and extend its debt maturity profile. We are affirming our 'BB-' corporate credit rating on the company and have assigned a 'B+' issue-level rating and '5' recovery rating to the proposed $300 million senior secured term loan. The stable outlook reflects our expectation that Tube City will sustain its financial profile and liquidity position at a level we consider commensurate with the 'BB-' rating, given our expectation of a slow economic recovery and steady improvement in the steel industry. On March 5, 2012, Standard & Poor's Ratings Services assigned its...

Companies mentioned in this report are:
- Tube City IMS Corp.

Action: Affirmed
Action: New Rating
Action: Outlook: Stable
Action: Withdrawn

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Tube City IMS Corp.

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