S&P: Alumina outlook stable

Standard & Poor's said it affirmed the BBB- long-term corporate credit and debt ratings on Alumina Ltd. following a proposed equity raising of up to A$1 billion.

The outlook was revised to stable from negative.

The equity raising is supportive of the BBB- rating and demonstrates Alumina's commitment to maintaining credit quality in a difficult market, according to the agency.

"This initiative, which aims to strengthen Alumina's balance sheet and remove its refinancing risk in 2010, will help the company to offset potential earnings weakness in an increasingly challenging operating environment," S&P analyst May Zhong said in a statement.

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