S&P Rates Alcoa (AA) at 'BB-' Amid Upstream, Downstream Separation
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Alcoa Inc. Announces Proposed Debt Offering In Connection with Separation
September 20, 2016 7:37 AM EDTNEW YORK--(BUSINESS WIRE)-- Alcoa Inc. (NYSE: AA) (Alcoa) announced today a proposed offering of senior notes (the Notes) by Alcoa Nederland Holding B.V. (the Issuer), a wholly owned subsidiary of Alcoa Upstream Corporation (Alcoa Corporation), which is currently a wholly owned subsidiary of Alcoa.
The timing of pricing and terms of the Notes are subject to market conditions and other factors. The Issuer intends to use the proceeds from the proposed offering to make a payment to Alcoa to fund the transfer of certain assets from Alcoa to the Issuer in connection with Alcoas... More
Fitch Withdraws Issue Rating on Alcoa's Preferred Stock
September 16, 2016 3:22 PM EDTNEW YORK--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the 'B+' ratings on Alcoa Inc.'s (ParentCo; NYSE: AA) $1.3 billion of mandatory convertible preferred stock.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... More
