Fitch lifts Albemarle view to positive

Fitch Ratings said it affirmed the long-term issuer default rating of Albemarle Corp. at BBB-.

The outlook is revised to positive from stable.

The ratings reflect the company's exposure to the growing lithium industry, relative stability of its bromine and catalysts businesses, strong free cash flow generation and increased financial flexibility, Fitch said.

Albemarle's credit metrics have improved considerably since the Rockwood transaction was finalized in early 2015 due primarily to strong growth in the company's lithium business and the repayment of greater than $2 billion of debt using proceeds from several divestitures, the agency said.

The positive outlook reflects a view that Albemarle's positive operating momentum and strengthened balance sheet, paired with a demonstrated track record of adhering to a credit conscious capital allocation policy, would likely lead to a positive rating action in the coming 12- to 18-months, Moody's said.

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