Fitch cuts Kaiser Aluminum

Fitch Ratings said it downgraded Kaiser Aluminum Corp.'s long-term issuer default rating to BB- from BB.

In addition, Fitch downgraded Kaiser's asset-based lending facility to BB+/RR1 from BBB-/RR1 and unsecured notes to BB-/RR4 from BB/RR4.

The outlook is stable.

“The downgrade reflects the sustained pressures on Kaiser's EBITDA margins resulting in meaningfully higher near-term leverage and Fitch's expectation EBITDA leverage could remain above 4.0x over the next few years,” the agency said in a news release.

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