Moody’s lowers Allegheny Technologies, notes

Moody's Investors Service said it downgraded Allegheny Technologies Inc.’s corporate family rating and probability of default rating to B2 and B2-PD from Ba3 and Ba3-PD, respectively.

The senior unsecured note ratings of Allegheny and Allegheny Ludlum Corp. (guaranteed by Allegheny) were downgraded to B3 from B1.

The speculative grade liquidity rating remains unchanged at SGL-3.

The outlook is negative. This concludes the review for downgrade initiated on Nov. 6.

Moody’s said the downgrade reflects the significant deterioration in Allegheny’s operations and margins, which is largely attributed to the Flat Rolled Products segment incurring an operating loss of $91.8 million in the third quarter ended Sept. 30, up from a loss of $3 million in second quarter of 2015.

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