S&P rates AK Steel notes BB-

Standard & Poor's said it assigned its BB- issue-level rating to AK Steel Corp.'s proposed $250 million senior unsecured notes due 2022. The recovery rating is 3, indicating an expectation of meaningful recovery in the event of a payment default.

According to S&P, the notes will be guaranteed by AK Steel Holding Corp., the parent of AK Steel, on a senior unsecured basis.

The agency said the BB- corporate credit rating and negative rating outlook on AK Steel Holding Corp. reflect S&P's assessment of the company's business risk profile as fair and financial risk profile as aggressive.

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