U.S. specialty alloys producer Carpenter Technology Corp.'s credit metrics will be materially weaker than anticipated over the next 24 months as a result of the disruption to its aerospace customers from the coronavirus pandemic. We have affirmed our 'BBB-' rating and revised the outlook to negative from stable. At the same time, we are affirming our 'BBB-' issue-level ratings on the company's unsecured debt. The negative outlook indicates we expect leverage to increase materially in fiscal years 2021 and 2022 following the disruption to the commercial aerospace market from the pandemic. Aerospace and defense accounted for 56% of Carpenter's net revenues in 2019. We expect volumes and margins to decline sharply throughout the first half of fiscal 2021 as the
