Moody’s changes Aleris to developing

Moody's Investors Service said it changed Aleris International Inc.'s outlook to developing from stable.

At the same time, the agency affirmed the B3 corporate family rating, the B3-pd probability of default rating, the B3 rating on the senior secured first-lien term loan and the Caa2 rating on the guaranteed senior secured second-lien notes.

The speculative grade liquidity rating remains at SGL-3.

The change to a developing outlook results from the announcement by Novelis Inc. that it has signed a definitive agreement to acquire Aleris for $2.6 billion in an all-debt financed transaction, Moody’s said.

The outlook also considers the extended time frame to closing, the potential for changes to the transaction as announced, exposure to market events and uncertainty as to Aleris' debt position going forward, the agency added.

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