Moody's: Allegheny Tech on review for downgrade

Moody's Investors Service said it has placed Allegheny Technologies Inc.'s ratings under review for possible downgrade, including the company's Ba3 senior implied rating and the B2 ratings of the company's $300 million senior secured notes. Also on review is the Ba3 rating of Allegheny Ludlum Corp.'s $150 million guaranteed debentures.

Moody's said the review is prompted by continuing weakness in Allegheny's operating and financial performance in its flat-rolled, high performance and engineered products segments as well as by its recent announcement that significant charges will be recognized during the fourth quarter of 2003 for incremental reductions to its cost structure and asset impairments.

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