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S&P affirms Alumina, outlook down to negative
Standard & Poor's said it affirmed its BBB+ long-term corporate credit rating on Alumina Ltd. and revised the outlook to negative from stable.
The outlook revision follows Alumina's announcement of higher-than-anticipated capital expenditure on its Brazilian development projects, which are held through the group's 40% interest in the Alcoa World Alumina and Chemicals joint venture, S&P noted.
According to the agency, this announcement comes at a time when Alumina's financial metrics have been tracking at levels weak for the BBB+ rating and during a period when the group has been negatively affected by gas supply disruptions in Western Australia.
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