S&P rates CMC di Ravenna notes B

Standard & Poor’s said it assigned its preliminary B long-term corporate credit rating to CMC di Ravenna. The outlook is stable.

S&P also assigned a preliminary B issue rating to the proposed €300 million senior unsecured notes. The preliminary recovery rating is 4, indicating an expectation of average (30%-50%) recovery for creditors in the event of a payment default.

The preliminary B corporate credit rating on CMC reflects S&P’s assessment of the company’s “weak” business risk profile and “aggressive” financial risk profile, the agency said in a news release.

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