International credit rating agency S&P Global Ratings (Standard & Poor's Ratings Services) has announced that it has raised its long-term corporate credit rating for Australian steelmaker BlueScope Steel from ‘BB+’ to ‘BBB-‘. The outlook on the long-term rating is stable.
S&P stated that the upgrade of BlueScope’s credit rating reflects the sustained improvement in the company’s underlying operating performance and continued deleveraging. In addition, S&P considers the company's financial policy and commitment to maintaining a conservative balance sheet as supporting the rating.
Meanwhile, the stable outlook reflects S&P’s view that BlueScope's improved cost profile in steel production, geographic diversity, and commitment to a low leverage level will enable the company to sustain its strengthened financial profile.