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Moody's Downgrades Alcoa Inc Into Junk Territory-WSJ

Wednesday, 29 May 2013 03:36am EDT 

The Wall Street Journal reported that Moody's Investors Service downgraded Alcoa Inc. into junk territory, saying weakness in its industry will continue to challenge the Company's ability to trim its debt levels. Moody's cut Alcoa's rating by one notch to Ba1 from Baa3. The outlook is stable. The rating firm cited Alcoa's success in cutting costs and improving productivity. However, slower growth in China and a recession in Europe continue to weigh on aluminum demand and will remain headwinds for the Company, Moody's said. While pockets of strength are evidenced, most notably in the automotive and aerospace industries, these are not viewed sufficient for a broad based global recovery in the aluminum industry and significant profitability recovery. Alcoa responded by saying it was disappointed with the downgrade and remains committed to maintaining an investment grade rating. 

Company Quote

-0.23 -1.36%
30 Jul 2014