Fitch upgrades Alcoa

Fitch Ratings said it upgraded Alcoa Corp.’s and Alcoa Nederland Holding BV’s long-term issuer default ratings to BBB- from BB+. The agency also raised Alcoa Nederland's senior unsecured notes to BBB- from BB+/RR4, affirmed Alcoa Nederland's senior secured revolving credit facility at BBB- and removed its RR2 recovery rating.

“The upgrade reflects Alcoa's modest debt level and significantly reduced pension obligation; leading positions in bauxite, alumina and aluminum; strong control over costs and spending; and flexibility afforded by the scope of operations. The ratings of subsidiary Alcoa Nederland benefit from an Alcoa Corp. guarantee,” Fitch said in a press release.

The outlook is stable.

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