Moody's Lowers Carpenter Technology Rating Outlook

NEW YORK (AP) — Moody's Investors Service lowered its rating outlook on Carpenter Technology Corp. to negative from stable, citing weak demand.

Earlier this year the producer and distributor of specialty alloys said tough economic conditions in most of its markets had led to lower demand for its products.

The ratings agency said late Thursday that it cut the rating to negative from stable. It also reiterated Carpenter's "Baa3" senior unsecured ratings.

"While the company is maintaining its focus on reducing fixed costs, the deterioration in specialty alloys and stainless steel demand will overshadow any near-term cost reductions," Moody's said in a statement.