U.S.-based steel processor and recycler Commercial Metals Co. has announced that it has agreed to acquire certain North American steel assets from Gerdau S.A. for approximately $600 million. As a result, we are placing all of our ratings on Commercial Metals, including the 'BB+' corporate credit rating, on CreditWatch with negative implications, given our expectation that the company will use debt to finance a portion of the transaction, resulting in higher debt leverage. The CreditWatch negative placement indicates that we could lower or affirm the ratings after our review of the transaction. We will resolve the CreditWatch after assessing the company's pro forma capital structure and credit measures. On Jan. 2, 2018, S&P Global Ratings placed its ratings on Irving,
