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Fitch lowers Alcoa view to stable
Fitch Ratings said it affirmed Alcoa Nederland Holding BV's issuer default rating at BB+ and revised the outlook to stable from positive.
The ratings benefit from an Alcoa Corp.'s guarantee and reflect Alcoa's modest leverage, leading positions in bauxite, alumina and aluminum, Fitch said, and the strong control over costs and spending.
The stable outlook reflects a view that meaningful reductions to pension obligations will take longer to achieve than the next 18 months given weaker aluminum prices, Fitch said.
The agency said it projects average annual operating EBITDA of at least $1.8 billion and total debt-to-EBITDA to remain at or less than 1.5x over the rating horizon.
Alcoa has some value-added, energy and conversion income, but the company will remain exposed to the fortunes of the aluminum market, Fitch said.
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