Moody's cuts Asia Aluminum bonds to B1

Moody's Investors Service said it has downgraded Asia Aluminum Holdings Ltd.'s corporate family and senior unsecured bond ratings to B1 from Ba3.

The outlook is stable.

The rating downgrade reflects Moody's concern that the issuance of $583 million in payment-in-kind notes issued by the new holding company - Asia Aluminum Investment - has increased the group's consolidated leverage and weakened the financial flexibility of Asia Aluminum Holdings.

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