Fitch drops Alcoa

Fitch Ratings said it has downgraded the following ratings for Alcoa Inc.: issuer default rating to BBB from BBB+, senior unsecured debt to BBB from BBB+, $3.25 billion revolving credit facility to BBB from BBB+ and preferred stock to BBB- from BBB.

Fitch said it affirms the following ratings: short term issuer default rating F2 and commercial paper F2.

The outlook is stable.

The ratings have been downgraded as a result of higher than expected debt levels and financial leverage, Fitch said, adding that it had expected proceeds from the $1.5 billion note issuance in July to be used to reduce commercial paper borrowings.

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