Moody's upgrades ATI

Moody's Investors Service said it upgraded ATI Inc.'s corporate family rating to B1 from B2, its probability of default rating to B1-PD from B2-PD, its senior unsecured rating to B2 from B3 and its senior unsecured shelf rating to (P)B2 from (P)B3. The agency also raised the senior unsecured rating for Allegheny Ludlum, LLC to B2 from B3. ATI's speculative grade liquidity rating remains at SGL-2. The outlook was changed to positive from stable.

"The upgrade of ATI Inc.'s ratings reflects our expectation that its operating performance and credit metrics will significantly improve over the next 12 to 18 months as it benefits from the recovery in its key aerospace end market, market share gains and cost saving and efficiency improvement initiatives. The positive ratings outlook reflects the possibility of additional upgrades if the company's uses a portion of its free cash flow to pay down its funded debt further strengthening its credit profile," said Michael Corelli, a Moody's senior vice president and lead analyst for ATI, in a press release.

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