FT: ThyssenKrupp cut deeper into junk, page-2

Most steel producers are in a similar boat right now.

Last I checked they were still cash flow positive and even raising their dividend pay out.

Apparently Moody's didn't think TK should have raised its dividend.

Just a sign of the times I suppose

Edit from Moody's: "The stable outlook mainly reflects Moody’s view that benefits from thyssenkrupp’s cost reduction programme ‘impact’, growth from the capital goods businesses and expected improvement of the steel pricing environment in Europe in the second half of 2016 will offset somewhat profitability pressures from the current harsh steel market environment."