...InfraBuild Australia Pty Ltd's ("InfraBuild", Ba3 stable) credit profile reflects its strong market position in steel long products in Australia, its vertically integrated business model with a flexible operating profile and lower fixed cost profile relative to blast furnace operators, consistent production levels and improving utilization rates, as well as high barriers to entry, close proximity to projects, and quality and government policy benefits versus imports. InfraBuild's credit profile is balanced by the company's limited scale on a production and earnings basis, the cyclical nature of steel prices and demand, and its exposure to volatile input costs and foreign exchange rates. We expect weaker demand for steel in the Australian construction sector over the next 12-18 months, a key end market for InfraBuild's steel products. We expect this demand to stabilize and then improve over the next 2-3 years, supported by government infrastructure spending and stabilization in residential...