Moody's cuts Alcoa of Australia

Moody's Investors Service said it downgraded the rating of Alcoa of Australia Ltd. to Baa2 from Baa1.

The outlook is stable.

This concludes the review for possible downgrade initiated on Dec. 19, 2012, when Alcoa Inc., was placed on review for downgrade.

"The downgrade to Baa2 follows the recent downgrade of the rating of AoA's parent - Alcoa Inc - and reflects our expectation that headwinds pressuring the fundamentals in the aluminium industry and alumina prices will continue to pressure the operating profile of AOA," Moody's assistant vice president and analyst Matthew Moore said in a news release.

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