Fitch stabilizes Kaiser Aluminum view

Fitch Ratings said it changed the outlook to stable from positive and affirmed Kaiser Aluminum Corp.'s BB issuer rating. The agency also affirmed Kaiser's asset-based lending facility at BBB-/RR1 and unsecured notes at BB/RR4.

“The outlook revision to stable reflects slower aerospace and margin recovery resulting from inflationary costs, supply chain disruptions and labor inefficiencies. The stable outlook also reflects Fitch's expectation that total debt/EBITDA (6.3x as of Dec. 31, 2021), will steadily decline but remain above 3x over the ratings horizon,” the agency said in a press release.

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