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00:03 EDT
Monday
AK Steel rating reduced
Moody's Investors Service has lowered its senior implied rating on AK
Steel Corp. from Ba3 to Ba2.
Moody's cut reflects its expectation that the current U.S. economic
slowdown will contribute to continued weak levels in demand for the
Middletown-based steelmaker's industrial end-use markets.
Moody's also lowered the company's senior secured debt from Ba1 to Ba2;
its senior unsecured debt from Ba2 to B1; and its Series B $3.625
convertible preferred shares from B1 to B2.
AK Steel closed trading Friday at $9.41 per share on the New York Stock
Exchange. Its 52-week range is $7.50 per share to $15 per share.
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