Moody’s assigns Kaiser Aluminum notes B1

Moody’s Investors Service said it assigned a B1 rating to Kaiser Aluminum Corp.’s new $300 million of senior unsecured notes due 2025.

The proceeds will be used for general corporate purposes.

Moody’s also downgraded Kaiser’s corporate family rating to Ba3 from Ba2, probability of default rating to Ba3-PD from Ba2-PD and the rating of the senior unsecured notes due 2028 from Ba3 to B1. The speculative grade liquidity rating remains SGL-1.

"The ratings downgrade reflects Moody’s expectations that the coronavirus-related disruptions will negatively impact the aerospace and automotive supply chains and will lead to meaningful deterioration in Kaiser’s financial performance and overall credit profile over the next 12-18 months," said Botir Sharipov, a Moody’s vice president and lead analyst for Kaiser, in a press release.

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