S&P downgrades Aleris

Standard & Poor's said it lowered the corporate credit rating on Aleris International Inc. to D from CCC- and all of its issue ratings to D.

The recovery rating on the company's senior secured term loan remains at 3 and the recovery rating on the senior unsecured debt remains at 6.

"The downgrade follows Aleris' announcement that the company and its U.S. and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court," S&P analyst Maurice Austin said in a statement.

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