Moody's ups Alcoa Nederland

Moody’s Investors Service said it upgraded Alcoa Nederland Holding BV's senior unsecured notes to Baa3 from Ba1 and withdrew Alcoa's Ba1 corporate family rating, Ba1-PD probability of default rating and the SGL-1 speculative grade liquidity rating.

The agency also revised the outlook to stable from rating under review. This rating action concludes the review for upgrade started on April 26.

"The ratings upgrade to Baa3 reflects the improved competitiveness of Alcoa's refining and smelting system that will support its ability to generate strong earnings and positive free cash flow and help it sustain an investment grade credit profile at various aluminum, alumina and bauxite prices. Moody's views Alcoa's substantially strengthened balance sheet, excellent liquidity position and its financial policy as supportive of the investment-grade rating," said Botir Sharipov, a Moody's senior credit officer and lead analyst for Alcoa, in a press release.

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