S&P puts Aleris on positive watch

S&P said it placed its ratings on Aleris International Inc., including its B- issuer credit rating, on CreditWatch with positive implications.

The CeditWatch placement follows the announcement that Novelis Inc. (BB-/stable/--) plans to acquire Aleris for approximately $2.6 billion, including the assumption of debt.

“We expect the acquisition, which is subject to customary closing conditions and regulatory approvals, will be 100% debt-financed by Novelis and could take nine to 15 months to close. Until the closing, the companies will continue to operate as separate entities,” S&P said in a news release.

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