Fitch rates Alcoa Nederland notes BB+

Fitch Ratings said it assigned a BB+/RR4 rating to Alcoa Nederland Holding BV's proposed $750 million senior notes.

The proposed notes will rank pari passu with Alcoa Nederland's existing notes.

Proceeds of the proposed notes are for general corporate purposes.

Fitch currently rates Alcoa Nederland's long-term issuer default rating BB+, senior secured revolving credit facility BBB-/RR2 and senior unsecured debt BB+/RR4.

The outlook is stable.

Fitch said it expects Alcoa's EBITDA leverage to remain above 3.0x through 2025, which is consistent with the BB rating category.

“We expect leverage to increase with near-term operating losses until planned cost reduction actions take effect and profitability recovers,” the agency said in a news release.

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