1839688 Alberta ULC -- Moody's downgrades ESA's ratings; CFR to Caa3, outlook negative

New York, October 13, 2015 -- Moody's Investors Service downgraded Essar Steel Algoma Inc.'s (ESA) corporate family rating (CFR) and probability of default rating to Caa3 and Caa3-PD from Caa1 and Caa1-PD respectively. At the same time Moody's downgraded the revolving credit facility rating to B2 from B1, the senior secured term loan facility and senior secured notes rating to Caa1 from B2. The rating on 1839688 Alberta ULC's secured (third/fourth lien) notes (guaranteed by ESA and other subsidiaries of ESA) was downgraded to Ca from Caa2. The outlook is negative.

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