12:53 PM EDT, 03/25/2024 (MT Newswires) -- S&P Global Ratings said Monday that it has assigned its B- issuer credit rating to Algoma Steel Group Inc. ( ASTL ) unit Algoma Steel Inc.

Also, the rating agency assigned its B issue-level rating to the company's proposed $350 million second-lien secured notes due 2029.

The stable outlook reflects the agency's view that Algoma's robust liquidity position following the proposed debt issuance partly offsets the financial risks associated with its exposure to volatile steel prices and its transition to electric arc furnace steelmaking operations, S&P noted.

The company's stock was up 3.3% on last look on Monday.

Price: 11.11, Change: +0.35, Percent Change: +3.25