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Outokumpu Oyj -- Moody's changes outlook on Outokumpu's ratings to negative; affirms B1 CFR

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Moody's Investors Service ("Moody's") has today affirmed the B1 corporate family rating (CFR) and the B1-PD probability of default rating (PDR) of Finland-based stainless steel producer Outokumpu Oyj ("Outokumpu" or "group"). Concurrently, Moody's affirmed the Ba3 instrument rating on the group's senior secured notes. The outlook change to negative was prompted by Outokumpu's weaker than expected results during the last 12 months (LTM) through 31 March 2019, primarily reflecting a materially deteriorated market environment in the European stainless steel industry.