Moody's assigns B2 to ATI notes

Moody's Investors Service said it assigned a B2 rating to ATI Inc.'s planned $400 million of senior unsecured notes.

ATI's B1 corporate family rating, B1-PD probability of default rating, the B2 rating on its outstanding senior unsecured notes, the (P)B2 rating on its senior unsecured shelf, its speculative grade liquidity rating of SGL-2 and its positive outlook remain unchanged, the agency said. The B2 rating and positive outlook on the Allegheny Ludlum, LLC guaranteed debentures remain unchanged as well.

ATI intends to use up to about $300 million of the proceeds to fund its pension liabilities and to implement pension de-risking strategies, potentially including annuitizations. Anything left will be used to bolster its liquidity and for general corporate purposes.

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