Despite continued headwinds from high steel imports and lower selling prices and volumes, U.S.-based Commercial Metals Co.'s operating performance remains within our expectations. We expect adjusted debt to EBITDA of between 2x and 3x over the next 12 months and are revising our financial risk profile to intermediate as a result. We also revised our comparable rating analysis modifier to neutral from positive, in part due to the stronger financial risk profile assessment. At the same time, we are also revising our liquidity assessment to adequate from strong given the company's upcoming debt maturities over the next 18 months. As such, we are affirming our 'BB+' corporate credit rating on Commercial Metals and our 'BB+' issue-level ratings on its unsecured
