S&P Global Ratings: The top five rating factors for emerging market steelmakers

摘要

In the globally interlinked steel industry,major events in one part of the world canaffect the operations, profits, and creditquality of steelmakers on the other sideof the globe. Yet, for emerging marketsteelmakers, local dynamics can have anequally important influence on their creditquality. We have identified five factorsthat are decisive for credit quality: costconsiderations, the strength of their homemarket, export potential and mix flexibility,country risk factors, and access to financing.