Moody's rates Allegheny notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Allegheny Technologies Inc.'s $300 million notes due 2019.

The notes, issued under the company's well-known seasoned issuer shelf registration (rated provisional Baa3 for senior unsecured debt securities), together with proceeds from a convertible senior note issue due 2014 (not rated) will be used to tender for the existing $300 million of 8.375% notes due 12/15/2011 and for general corporate purposes, which include voluntary contributions to the company's pension and medical benefit plans, the agency added.

At the same time, Moody's said it affirmed the company's and Allegheny Ludlum's existing Baa3 senior unsecured ratings.

The outlook is stable.

Moody's noted that the company's Baa3 ratings reflect its expectation for profitability through the steel downcycle.

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