Fitch Withdraws Issue Rating on Alcoa's Preferred Stock

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the 'B+' ratings on Alcoa Inc.'s (ParentCo; NYSE: AA) $1.3 billion of mandatory convertible preferred stock.

Fitch's "Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis" cross-sector criteria dated Feb. 29, 2016 (Hybrid Criteria) states that Fitch does not assign ratings to mandatory convertible instruments, or similar instruments that are exclusively redeemable into shares. The prior version of Fitch's Hybrid Criteria effective in 2014 states the same. However, Fitch inadvertently assigned ratings to Alcoa's mandatory convertible instruments in 2014, when they were issued. Today's rating withdrawal corrects the inadvertent rating assignment.

Additional information is available on www.fitchratings.com.

Applicable CriteriaCorporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage (pub. 17 Aug 2015)https://www.fitchratings.com/site/re/869362

Related ResearchUpdating Fitch's Mid-Cycle Commodity Price Assumptionshttps://www.fitchratings.com/site/re/876611

Additional DisclosuresSolicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011837Endorsement Policyhttps://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160916005787/en/

Fitch Ratings
Primary Analyst
Monica M. Bonar
Senior Director
+1-212-908-0579
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Gregory Fodell
Associate Director
+1-312-368-3117
or
Committee Chairperson:
Mark Sadeghian, CFA
Senior Director
+1 312-368-2090
or
Media Relations
Alyssa Castelli, New York, +1 212-908-0540
[email protected]

Source: Fitch Ratings

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