Moody’s: Alcoa of Australia view to developing

Moody's Investors Service said it changed Alcoa of Australia Ltd.’s (AoA) outlook to developing from stable and affirmed the Baa2 issuer rating.

The action follows the change in outlook on the Ba1 rating of its major shareholder Alcoa Inc., to developing from positive.

"Moody's has previously noted that the credit profiles of AoA and its majority shareholder Alcoa Inc. are linked, due to the majority ownership, the close operational integration of the two entities and a degree of financial inter-dependence. As such, AoA's developing outlook reflects the uncertainty around the capital, organizational and management structures at its majority shareholder," Moody's analyst Saranga Ranasinghe said in a news release.

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