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S&P rates Essar Steel DIP facility B
Standard & Poor's said assigned its B point-in-time rating to Essar Steel Algoma Inc.'s $200 million debtor-in-possession facility.
The company’s long-term corporate credit rating remains D (default).
"This DIP loan rating is a point-in-time rating effective only for the date of this report," S&P credit analyst Jarrett Bilous said in a news release.
"We will not review, modify, or provide ongoing surveillance of the rating. We base the rating on various items, including court orders, the DIP credit agreement, and our view of prospective steel market conditions.”
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