Moody's ups Noranda Aluminum

Moody's Investors Service said it upgraded Noranda Aluminum Holding Corp.'s corporate family rating and probability of default rating to B3 from Caa1, along with its senior unsecured notes rating to Caa2 from Caa3. The agency also said it upgraded Noranda Aluminum Acquisition Corp.'s senior secured revolver and senior secured term loan ratings to B1 from B2 and raised the senior unsecured notes rating to Caa1 from Caa2. The speculative grade liquidity rating also was raised to SGL-2 from SGL-3.

The outlook is positive.

The rating reflects the earnings enhancement that will result from the restart of substantially all of the New Madrid smelter pot lines with the company expecting to reach full capacity by March 2010, Moody's said.

The company also achieved significant deleveraging of its capital structure, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.