There seems to be no way to test an Alt+Key sequence with Test Studio. This is a very serious problem with web-based system, because Alt is used as the standard access key for all browsers (part of the standard access key sequence for FireFox). When you record an Alt+Key sequence in Test Studio, it does not work on playback. If you then try to generate an Alt+Key sequence with a coded step, it doesn't work because Test Studio internally converts the Alt+Key sequence to be an AltGr-sequence, which none of the browsers (Internet Explorer, Google Chrome, FireFox, Safari) recognize. Three years ago the browsers would have generated an Alt+Ctrl sequence to represent AltGr, but they don't do that any more.
This now FIXED! Get the latest hotfix for Telerik Test Studio as of May 19 if you have a commercial license.