Moody's boosts AK Steel

Moody's Investors Service said it upgraded AK Steel Corp.'s corporate family rating to Ba3 from B1.

In a related action, Moody's said it upgraded the rating on the company's $550 million senior unsecured notes due 2012 to B1 from B2 and the rating on its remaining $150 million senior unsecured notes due 2009 to B1 from B2.

At the same time, Moody's said it affirmed AK Steel's SGL-1 speculative-grade liquidity rating.

Moody's said that the upgrade reflects the company's significantly improved debt protection metrics over recent years, its better operating profile, viewed as relatively sustainable compared to its 2003 performance and its ongoing debt reduction efforts.

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