Moody’s ups Alcoa, rates notes Ba1

Moody’s Investors Service said it upgraded Alcoa Nederland Holding BV's corporate family rating and probability of default rating to Ba1 and Ba1-PD from Ba2 and Ba2-PD, respectively.

The agency also upgraded the company's senior unsecured notes to Ba1 from Ba2. The notes are guaranteed by Alcoa Corp.

In addition, Moody's assigned a Ba1 rating to Alcoa Nederland’s senior unsecured notes due in May 2028.

The speculative grade liquidity rating remains at SGL-1 and the outlook is stable.

The agency said the upgrade considers Alcoa's stronger operating platform following rationalization over the last several years of its alumina refining and aluminum smelting operations, expansion of its bauxite platform, enhanced productivity gains, improved value-added mix as well as good performance at its cast houses.

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