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Prospect News home > News index > List of issuers B > Headlines for BlueScope Steel Ltd. > News item
Published on 4/8/2013 in the Prospect News High Yield Daily.

S&P rates BlueScope notes BB

Standard & Poor's said it assigned its BB rating to the proposed notes to be issued by BlueScope Steel Ltd.'s (BB/stable/--) wholly owned subsidiaries BlueScope Steel (Finance) Ltd. and BlueScope Steel Finance (USA) LLC.

S&P also assigned a recovery rating of 4 on the proposed senior unsecured $300 million debt issue.

Due to the prior ranking of the sizable senior secured debt in S&P's recovery analysis, the agency said it expects the senior unsecured debt to realize an average recovery of between 30% and 50% following a hypothetical default.


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