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S&P upgrades Kaiser
S&P said it raised the corporate credit rating on Kaiser Aluminum Corp. to BB+ from BB.
The outlook is stable.
The agency also said it raised the rating on the company's $375 million senior unsecured notes due 2024 to BB+ from BB with a recovery rating of 3, indicating 50% to 70% expected default recovery.
S&P said it expects Kaiser to produce adjusted debt-to-EBITDA of about 2x over the next 12 months.
The agency also said it expects management to prudently manage growth and shareholder-friendly initiatives while maintaining a strong liquidity profile.
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