Fitch lowers Clarendon Alumina

Fitch Ratings said it downgraded Clarendon Alumina Production Ltd.'s foreign- and local-currency issuer default rating to B- from B, its $200 million 8½% unsecured notes due November 2021 to B/RR4 from B+/RR, and revised the outlook to negative from stable.

The company is 100% owned by the government of Jamaica and is a partner with a subsidiary of Alcoa Inc.

The action follows the downgrade of the long-term foreign-currency issuer rating of Jamaica to B.

At the end of March, the company had a total debt-to-EBITDA ratio of negative 9.4 times.

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