...November 10, 2025 DALLAS (S&P Global Ratings) Nov. 10, 2025--S&P Global Ratings today assigned its '##+' issue- level rating and `3' recovery rating to Carpenter Technology Corp.'s proposed $700 million senior unsecured notes due 2034. The company will use the proceeds to repay all its existing 6.375% senior unsecured notes due 2028 and 7.625% senior unsecured notes due 2030, totaling about $700 million. The `3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. The proposed issuance will also extend the company's maturity wall to 2034. We expect to withdraw our ratings on the existing 2028 and 2030 notes following completion of this leverage-neutral refinancing transaction. Concurrent with the notes issuance, Carpenter also proposes to upsize its revolving credit facility to $500 million from $350 million and extend the maturity to 2030 from 2028. Our ratings are based on the preliminary terms and conditions...
