Fitch Withdraws Issue Rating on Alcoa's Preferred Stock
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S&P Rates Alcoa (AA) at 'BB-' Amid Upstream, Downstream Separation
September 20, 2016 3:06 PM EDT-S&P Global Ratings said that it has assigned its 'BB-' corporate credit rating to Alcoa Upstream Corp. (Alcoa Corp.). The outlook is stable.
At the same time, we assigned our 'BB-' issue-level rating and '3' recovery rating to the company's proposed $1.0 billion senior unsecured notes. The '3' recovery rating indicates our expectation for meaningful (50%-70%; lower half of the range) recovery in the event of a payment default.
Our recovery analysis, and resultant 'BB-' issue-level rating on the company's proposed $1.0 billion senior unsecured notes, assumes a capital structure that includes a $1.5 billion senior secured revolving... More
Alcoa (AA) Unit Plans Notes Offering
September 20, 2016 7:39 AM EDTAlcoa Inc. (NYSE: AA) announced a proposed offering of senior notes (the Notes) by Alcoa Nederland Holding B.V. (the Issuer), a wholly owned subsidiary of Alcoa Upstream Corporation (Alcoa Corporation), which is currently a wholly owned subsidiary of Alcoa.
The timing of pricing and terms of the Notes are subject to market conditions and other factors. The Issuer intends to use the proceeds from the proposed offering to make a payment to Alcoa to fund the transfer of certain assets... More
