Moody's cuts Metal Services, rates loan B1

Moody's Investors Service said it downgraded Metal Services LLC's corporate family and probability of default ratings to B2 from B1.

The agency also assigned B1 ratings to the company's proposed $305 million senior secured credit facilities. The outlook is stable.

The agency said the downgrade of the incorporates Moody's expectations for continued weak business conditions in the steel industry, the unfavorable impact of a recent customer bankruptcy and some of the planned debt-funded capital spending required to restore operating performance to levels envisioned previously.

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