Fitch Ratings said Thursday that it has affirmed the ratings for Alcoa Inc. (AA) including its Issuer Default Rating and senior unsecured debt at 'BBB-'.
The Rating Outlook is revised to Negative from Stable.
Fitch said the ratings reflect Alcoa's leading position in the industry, its strength in low-cost alumina production, and the operating flexibility afforded by the scope of its operations.
The Negative Outlook reflects the possibility that, given weakness in the aluminum market, EBITDA will fall short of expectations and high financial leverage will persist, the rating agency said.
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