S&P ups Allegheny Technologies from junk

Standard & Poor's said it raised the corporate credit and other ratings on Allegheny Technologies Inc. to BBB- from BB+.

The outlook is stable.

S&P said the upgrade reflects improved operating and financial performance due to strong demand in its key end markets, its shift away from commodity-based products and pricing, and its improved cost structure.

Ratings reflect market position in a broad range of specialty metals, improved product mix, market conditions, fair liquidity and benefits from ongoing cost-reduction efforts, the agency said.

Ratings also reflect the company's exposure to highly competitive and cyclical businesses and a significant spending on capacity expansion during the next several years, S&P said.

The issuer's debt-to-EBITDA ratio was less than 1 times for 2007.

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