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S&P ups Alumina
Standard & Poor's said it raised the corporate credit and senior unsecured debt ratings on Alumina Ltd. to BBB from BBB-.
The outlook is stable.
The upgrade reflects the improvement in Alumina's credit metrics to levels commensurate with the BBB rating, S&P said.
The improvement is underpinned by the higher dividend payments from Alumina's 40%-owned Alcoa World Alumina and Chemicals business, which improved its operating performance in 2010, the agency said.
The upgrade also considers Alumina's conservative financial management, S&P added.
The improvement in the alumina industry's market dynamics should help sustain Alumina's credit metrics, the agency said.
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