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Moody's reviews Commercial Metals Co.'s....>

US BONDS
US BONDS: Moody's reviews Commercial Metals Co.'s ratings (CFR:Ba1) for
downgrade on Acquisition Announcement; also put Ba1-PD Probability of Default
Rating, Ba2 senior unsecured rating and (P) Ba2 senior unsecured shelf rating
under review for downgrade. The SGL-2 Speculative Grade Liquidity rating remains
unchanged, it said.
- "The review for downgrade is prompted by CMC's announcement of the acquisition
of certain of Gerdau S.A.'s US rebar steel mills {6i} and fabrication assets for
$600 million. The company has entered into a $600 million long-term bank
facility to support the acquisition. The acquisition will increase CMC's melt
capacity to approximately 7.2 million tons from roughly 4.5 million tons
currently."

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