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Alcoa Inc. May 11
Standard & Poors, May 2011
Abstract
A market leader in the global aluminum industry, Good product-line and end-market diversity, Efficient alumina operations, and Improved operating and overhead costs. High exposure to cyclical end markets; Volatile prices and earnings; and Significant financial leverage, including sizable postretirement obligations. The rating on Alcoa Inc. reflects the combination of what we 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...
Companies mentioned in this report are: Alcoa Inc.,Alumina Ltd.
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.
Research Type: Full Analysis
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