S&P assigns B to Allegheny Technologies notes

S&P said it assigned a B rating with a 3 recovery rating to Allegheny Technologies Inc.’s $350 million senior unsecured notes due in 2027. The 3 recovery rating indicates the agency’s expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a payment default.

The company will use the proceeds plus cash on hand to repay its $500 million senior unsecured notes due in January 2021.

Allegheny’s rating remains B with a stable outlook, S&P said.

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