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Prospect News home > News index > List of issuers A > Headlines for AK Steel Holding Corp. > News item
Published on 4/20/2020 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

S&P cuts AK Steel

S&P said it downgraded AK Steel Holding Corp.’s senior secured notes due December 2023 to B+ from BB-. The recovery rating is 1.

“We also lowered the issue-level rating on AK Steel's remaining senior unsecured notes, including ratings on tax-exempt industrial revenue bonds, to CCC from B-. The recovery rating is 6.

The downgrades are in line with the downgrade of parent Cleveland-Cliffs on April 15, S&P said. Cleveland-Cliffs acquired AK Steel on March 13. The agency withdrew its rating for AK Steel.


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