New York, May 13, 2015 -- Moody's Investors Service downgraded Essar Steel Algoma Inc.'s (ESA) corporate family rating (CFR) and probability of default rating to Caa1 and Caa1-PD from B2 and B2-PD respectively. At the same time Moody's downgraded the revolving credit facility rating to B1 from Ba2, the senior secured term loan facility and senior secured notes rating to B2 from Ba3. The rating on 1839688 Alberta ULC's junior secured (third lien) notes (guaranteed by ESA and other subsidiaries of ESA) was downgraded to Caa2 from B3. The outlook is stable.

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