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Fitch raises U. S. Steel
Fitch Ratings said it upgraded United States Steel Corp.’s issuer default rating to BB- from B. T Fitch has also raised U. S. Steel's asset-based lending credit facility to BB+/RR1 from BB/RR1 and boosted the unsecured notes and unsecured environmental revenue bonds to BB-/RR4 from B/RR4.
“The upgrade reflects U. S. Steel's significant debt repayment over the near term, solid steel market conditions, including historically high steel prices, which result in significantly higher EBITDA generation and significantly lower leverage metrics,” Fitch said in a press release.
The agency noted the company redeemed or repaid more than $2.8 billion in debt this year.
The outlook is positive.
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