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Moody's Upgrades SDI's Ratings

Steel News - Published on Tue, 15 Oct 2019

Image Source: bbj.hu
Moody's Investors Service upgraded Steel Dynamics Inc's senior unsecured ratings to Baa3 from Ba1. The outlook is stable. Carol Cowan, Senior Vice President and lead analyst for SDI, said "The upgrade to Baa3 acknowledges SDI's consistent ability to demonstrate good performance through various industry cycles, particularly down cycles and be free cash flow generative over a number of years (before share repurchases and acquisitions, which have been accommodated through the company's strong cash position. A further consideration in the rating move to Investment Grade is the company's disciplined focus on capital allocation and commitment to an investment grade financial policy".

At the same time, Moody's withdrew the company's Ba1 Corporate Family Rating, the Ba1-PD Probability of Default rating and the SGL-1 Speculative Grade Liquidity Rating following the company's upgrade to Baa3 as per the rating agency's practice for corporates with investment grade ratings.

Upgrades:
Issuer: Steel Dynamics Inc
Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from Ba1

Outlook Actions:
Issuer: Steel Dynamics, Inc.
Outlook, Changed To Stable From Positive

Withdrawals:
Issuer: Steel Dynamics, Inc.
Probability of Default Rating, Withdrawn , previously rated Ba1-PD
Speculative Grade Liquidity Rating, Withdrawn , previously rated SGL-1
Corporate Family Rating, Withdrawn , previously rated Ba1
Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated a range of LGD4

Source :

Posted By : Rabi Wangkhem on Tue, 15 Oct 2019
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