Moody's Says Reliance Steel's (RS) New Credit Agreement is Positive Development

October 3, 2016 3:00 PM EDT

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Moody's Investors Service said Reliance Steel & Aluminum Co (NYSE: RS)(Baa3 stable) has entered into a new credit agreement, extending the maturity of its revolver and establishing a new upsized term loan to provide a portion of the funds needed to repay its $350 million senior secured notes due November 2016. These actions are credit positive for Reliance, but will have no impact on its ratings.

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