Standard & Poor's lowered its long-term rating on Swedish steelmaker SSAB to B+ from BB- and kept its rating on Creditwatch, reflecting the likelihood of a further downgrade in the next three to six months without an improvement in market conditions/earnings, the ratings agency said Monday.
S&P, like Platts, is a unit of McGraw Hill Financial.
The downgrade reflects the weaker than expected earnings for 2015 and lowering of expectation this year with Chinese, Russian and Korean imports weighing on steel prices and causing a wait-and-see attitude among buyers in Europe and the US, S&P said.
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