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S&P upgrades Alcoa
S&P said it raised the corporate credit rating on Alcoa Corp. to BB from BB- and raised the issue-level rating on the company's senior secured credit facility to BBB- from BB+.
The 1 recovery rating indicates an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.
The agency also raised the issue-level rating on the company's senior unsecured notes to BB from BB-. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery.
The outlook is positive.
“Our higher rating on Alcoa stems from the company's sustainably improved credit measures, supported by higher aluminum prices, cost reductions and net debt reduction since the company's separation from the downstream operations of Arconic Inc. only a year ago,” S&P said in a news release.
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