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Summary: Alcoa Inc. May 11
Standard & Poors, May 2011
Abstract
The rating on Alcoa Inc. reflects the combination of what Standard & Poor's Ratings Servics consider its satisfactory business risk and significant financial risk profiles. The company is one of the world's largest integrated aluminum producers, with broad product, business, and geographic diversity and efficient alumina operations. The ratings also reflect the inherent cyclicality in its upstream and downstream operations, volatile aluminum prices, and its relatively high adjusted financial leverage and debt levels. The rating outlook reflects our expectation that higher aluminum prices and better end-market demand will likely result in further improvement in Alcoa's operating performance in the near term. As a result, we expect credit metrics to improve to levels that are, in our view, more consistent with...
Companies mentioned in this report are: Alcoa Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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