Carpenter Technology Corp.'s Senior Unsecured Notes Rated 'BBB-'

NEW YORK (S&P Global Ratings) July 9, 2020--S&P Global Ratings today assigned its 'BBB-' issue-level rating to U.S.-based specialty alloys producer Carpenter Technology Corp.'s proposed senior unsecured notes. Proceeds will be used to redeem the company's senior unsecured notes due in July 2021. The proposed issuance also provides additional liquidity to its $95 million cash and $200 million revolving credit availability as of March 31, 2020. For our complete issuer credit rating rationale, see our most recent research update on Carpenter, published June 24, 2020. ISSUE RATINGS - SUBORDINATION RISK ANALYSIS Capital structure Carpenter's capital structure consists only of senior unsecured debt issued at the parent level. Analytical conclusions We rate Carpenter's debt 'BBB-', the same as the issuer credit

...July 9, 2020 NEW YORK (S&P Global Ratings) July 9, 2020--S&P Global Ratings today assigned its '###-' issue-level rating to U.S.-based specialty alloys producer Carpenter Technology Corp.'s proposed senior unsecured notes. Proceeds will be used to redeem the company's senior unsecured notes due in July 2021. The proposed issuance also provides additional liquidity to its $95 million cash and $200 million revolving credit availability as of March 31, 2020. For our complete issuer credit rating rationale, see our most recent research update on Carpenter, published June 24, 2020. ISSUE RATINGS - SUBORDINATION RISK ANALYSIS Capital structure Carpenter's capital structure consists only of senior unsecured debt issued at the parent level. Analytical conclusions We rate Carpenter's debt '###-', the same as the issuer credit rating, since no significant elements of structural or contractual subordination are present in the capital structure, in our view....

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