Moody’s drops Allegheny Technologies, notes

Moody's Investors Service said it downgraded Allegheny Technologies Inc.'s corporate family rating to Ba2 from Ba1 and probability of default rating to Ba2-PD from Ba1-PD.

The senior unsecured note ratings of Allegheny Technologies and Allegheny Ludlum Corp. (guaranteed by Allegheny Technologies) were downgraded to Ba2 from Ba1. The SGL-2 speculative grade liquidity rating was affirmed.

The outlook is stable.

Moody’s said the downgrade reflects the contraction evidenced in Allegheny Technologies’ performance in the quarter ended June 30 reflecting the impact of the significant drop in oil prices, slowing sales to the aerospace industry as restocking seen in the first quarter of 2015 slowed, and compression in prices on the stainless steel business driven by high import levels and declining raw material prices, particularly for nickel.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.