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Monday: AK Steel rating reduced

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Breaking News

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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