Allegheny Technologies Incorporated -- Moody's says ATI's proposed convertible senior notes issuance neutral to rating

New York, May 18, 2016 -- Moody's Investors Service said that Allegheny Technologies Incorporated's (ATI -- B2 Corporate Family Rating, negative outlook) proposed issuance of convertible notes has no impact on ATI's rating. Proceeds will be used for general corporate purposes, which may include contributions to the defined benefit pension trust or repurchases, repayment or refinancing of debt. This transaction is largely viewed as neutral as Moody's standard adjustments include recording as debt underfunded pension obligations and recognizing imputed interest expense.

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