Moody's upgrades Allegheny Tech ratings |
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Published
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Tue, 31 Jul 2007 21:35
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NEW YORK (AP) - Moody's Investors Service upgraded Allegheny Technologies Inc.'s senior unsecured ratings Tuesday due to the specialty metals producer's improved operating performance and debt protection metrics.Moody's said about $450 million of rated debt instruments are affected by the ratings.Moody's noted that Allegheny's position has improved due to better market conditions in some segments for high performance metals, contracts for titanium based products, and a continued shift to higher value added products.The upgrade also reflects the company's sustainable cost reductions. Moody's said it expects Allegheny to continue to benefit from a strong operating environment, which should provide for good earnings and cash flow generation.Moody's raised Allegheny's senior unsecured ratings to 'Baa3' from 'Ba2.' The ratings service also withdrew the company's 'Ba1' corporate family rating and 'Ba1' probability of default rating. Moody's upgraded ratings for the company's Allegheny Ludlum unit to 'Baa3' from 'Ba1.'The ratings outlook is 'Stable,' meaning the ratings are unlikely to change in the near future.The stable outlook reflects Moody's view that Allegheny will continue to generate strong earnings and cash flow over the next 18 months.Allegheny shares fell $1.88 to close at $104.93.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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