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S&P drops Noranda
Standard & Poor's said it lowered its issue-level rating on Noranda Aluminum Holding Corp.'s
(CCC+/developing) and Noranda Aluminum Acquisition Corp.'s senior unsecured debt issues to D from CCC-.
The recovery rating on these note issues remains 6, the agency said.
"The ratings actions follow the company's disclosure that they had repurchased, at a substantial discount to par, some of the outstanding note issues during the second quarter ended June 30, 2009," said S&P credit analyst Sherwin Brandford.
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