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However, despite these favorable market attributes, the duration of recovery time remains uncertain and is expected to be extended in the aerospace and Oil & Gas industries, although ATI is more exposed to the offshore markets in this industry. The company benefits from long term agreements (LTA's) with many of its customers across the airframe, aero engine, defense and medical markets. Overall, the action reflects the broad deterioration in the credit quality that the impact of the coronavirus has caused.ĪTI's B2 CFR reflects the company's strong position as a leading producer of specialty titanium and titanium alloys, nickel-based alloys and super alloys serving a wide range of end markets including aerospace and defense, automotive, Oil & Gas, medical, electronics, and many others. Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. ATI has substantial exposure to the aerospace and defense sector which accounts for more than 50% of revenue in addition to having exposure to the Oil & Gas sector which accounts for more than 10% of revenue, making the company vulnerable to the material drop in airframe and aero engine build and production rates as well as the decline in drilling activity across these two industries.
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The commercial aviation, automotive and energy sectors are amongst sectors most significantly affected by the shock given the exposure to declining passenger traffic, travel restrictions and sensitivity to consumer demand and sentiment. The combined credit effects of these developments are unprecedented. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, low oil prices and high asset price volatility have created an unprecedented credit shock across a range of sectors and regions. Senior Unsecured Shelf, Downgraded to (P)B3 from (P)B2 Probability of Default Rating, Downgraded to B2-PD from B1-PD Corporate Family Rating, Downgraded to B2 from B1
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Issuer: Allegheny Technologies Incorporated Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD4) from B2 (LGD4) "The ratings downgrade reflects the negative impact of the spread of the coronavirus on many of ATI's end-markets, specifically aerospace and oil & gas, which account for more than 60% of sales and will result in a deterioration in the company's operating performance and metrics in 2020 with only gradual improvement expected over the next 2 years" said Carol Cowan, Moody's Senior Vice President and lead analyst for ATI. ATI's speculative grade liquidity rating was unchanged at SGL-2. The senior unsecured rating for Allegheny Ludlum Corporation was downgraded to B3 from B2. New York, Aug- Moody's Investors Service, ("Moody's") downgraded Allegheny Technologies Incorporated's (ATI) Corporate Family Rating (CFR) and Probability of Default ratings to B2 and B2-PD respectively from B1 and B1-PD respectively, the senior unsecured ratings to B3 from B2 and the shelf rating for senior unsecured debt to (P)B3 from (P)B2.