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S&P: Kaiser Aluminum notes BB-
Standard & Poor's said it assigned its BB- corporate credit rating to Kaiser Aluminum Corp.
At the same time, the agency said it assigned a BB- issue-level rating to Kaiser Aluminum Corp.'s proposed $200 million senior unsecured notes due 2020. The recovery rating on the proposed notes is 3, indicating an expectation of meaningful recovery in the event of payment default.
The agency said the corporate credit rating on Kaiser Aluminum Corp. reflects S&P's view of the company's weak business risk and significant financial risk.
S&P said the stable outlook reflects its expectation that Kaiser's profitability will improve in 2012 as a result of better end-market demand, particularly for the aerospace and high strength segment, as well as due to a gradually improving domestic economy.
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