S&P upgrades AK Steel

Standard & Poor's said it raised its corporate credit and other ratings on AK Steel Corp. and its parent, AK Steel Holding Corp., to BB- from B+.

The outlook is stable.

The agency said the upgrade reflects the company's improved cost profile following its restructuring and the better funding position of its postretirement obligations, lower book debt levels and currently favorable market conditions, particularly for its high-value-added products. These improvements, together with management's commitment to preserve a conservative balance sheet and adequate liquidity, should enable AK Steel to maintain a financial profile commensurate with the higher rating during the next cyclical downturn, S&P predicted.

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