A highly competitive industry with cyclical end markets and sensitivity to economic conditions Vertically integrated and geographically diversified operations We expect funds from operations (FFO) to debt and EBITDA interest coverage to be in a range consistent with a "significant" financial risk profile Strong liquidity due to the availability of the revolving credit facility to support spikes in working capital needs related to metals and scrap price volatility The stable outlook reflects Standard&Poor's Ratings Services' expectation that Irving, Texas-based Commercial Metals Co.'s operating performance will remain relatively flat in fiscal 2015. It also reflects our view that performance could improve in fiscal 2016 as the overall economy improves. Based on these expectations, we estimate financial measures will remain
