Moody’s assigns Ba3 to Kaiser notes, shifts view to positive

Moody’s Investors Service said it assigned Kaiser Aluminum Corp.’s new $500 million senior unsecured notes due 2028 a Ba3 rating and affirmed the Ba2 corporate family rating and the Ba2-PD probability of default rating.

Proceeds will be used to refinance outstanding notes and for general corporate purposes.

Moody’s also changed the outlook to positive from stable.

“The change in the outlook reflects Kaiser’s resilient operating performance and Moody’s expectations that Kaiser’s credit profile will continue to benefit from the strength in the aerospace demand and further productivity gains at its Trentwood facility,” said Botir Sharipov, vice president and lead analyst for Kaiser, in a press release.

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