Moody’s lowers Allegheny Technologies, notes

Moody's Investors Service said it downgraded Allegheny Technologies Inc.’s (ATI) corporate family rating and probability of default rating to Ba3 from Ba2 and Ba3-PD from Ba2-PD, respectively.

The senior unsecured note ratings of ATI and Allegheny Ludlum Corp. (guaranteed by ATI) were downgraded to B1 from Ba2. The speculative grade liquidity rating was lowered to SGL-3 from SGL-2.

The ratings were placed on review for further downgrade.

Moody’s said the downgrade reflects the greater than expected deterioration in market conditions evidenced in the third quarter of 2015 and consequent impact on ATI's performance with the company reporting an operating loss of $91 million (unadjusted) for the quarter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.