Fitch revises Alcoa to positive

Fitch Ratings said it affirmed Alcoa Nederland Holding BV's issuer default rating at BB+ and revised the outlook to positive.

The ratings benefit from an Alcoa Corp.’s guarantee and reflect its modest leverage, leading positions in bauxite, alumina and aluminum; strong control over costs and spending; and flexibility afforded by the scope of its operations.

Alcoa was spun off from Alcoa Inc. (subsequently renamed Arconic Inc.) on Nov. 1, 2016.

Fitch said the positive outlook reflects its view that Alcoa could make meaningful reductions to its pension obligations over the next 18 months.

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