Moody's may cut Alcoa

Moody's Investors Service said it placed Alcoa Inc.'s Baa3 senior unsecured ratings and its short-term Prime-3 rating under review for possible downgrade.

The review reflects the company's announcement that it will enter into a joint venture with Ma'aden to develop a new industrial complex in Saudi Arabia comprised of a bauxite, an alumina refinery, aluminum smelter and a rolling mill, the agency said.

Alcoa will control 40% of the joint venture and hold a 20% economic interest through an investment partnership, Moody's noted.

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