S&P rates Allegheny Tech notes BBB-

Standard & Poor's said it affirmed the BBB- corporate credit rating on Allegheny Technologies and assigned BBB- ratings to its proposed $300 million of senior notes due 2019 and $350 million of convertible senior notes due 2014.

The outlook remains stable.

Proceeds from the note offerings will be used to fund the combination of the company's announced tender offer for its $300 million 8.375% notes due December 2011 and to make a contribution to its post-retirement benefit obligations.

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