Arab Today, arab today moody\s downgrades alcoa to junk status
Last Updated : GMT 01:04:58
Arab Today, arab today
Arab Today, arab today

Moody\'s downgrades Alcoa to junk status

Arab Today, arab today

Arab Today, arab today Moody\'s downgrades Alcoa to junk status

New York - AFP

Ratings firm Moody\'s on Wednesday announced it had cut the credit rating of US aluminum giant Alcoa by one notch to junk status, citing falling prices and weakening growth in China and Europe. Alcoa\'s rating on approximately $8.6 billion of debt was dropped to Ba1 from Baa3 but the rating outlook remained \"stable,\" Moody\'s said. The downgrade \"reflects our expectations that, despite Alcoa\'s success in reducing costs and improving productivity, continued headwinds pressuring fundamentals in the aluminum industry and aluminum prices... will continue to push out the time frame\" for the company to trim debt levels, the ratings firm said. Moody\'s said aluminum demand had grown about 7.0-7.5 percent from 2010 through 2012, but the price of aluminum has been falling since reaching post-recession highs in 2011. China\'s economic growth was slowing, to 7.7 percent in the first quarter, the ratings firm noted, while much of Europe remained in recession and there was a weakening manufacturing trend in the United States. \"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,\" Moody\'s said. Alcoa said it was disappointed by the Moody\'s downgrade, but insisted the company had a strong balance sheet. \"We believe Moody\'s decision is a greater reflection of macroeconomic conditions and the volatility of metal prices than a true statement of the financial and operating strength of Alcoa,\" the New York-based company said in a statement. \"We remain committed to maintaining our investment grade rating and will continue to execute on our strategy and our 2013 goal of generating positive free cash flow.\" Alcoa shares fell 0.9 percent to $8.50 in post-market trade in New York. The Dow member had shed 0.1 percent as the Dow Jones Industrial Average closed 0.7 percent lower amid global economic growth concerns.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today moody\s downgrades alcoa to junk status Arab Today, arab today moody\s downgrades alcoa to junk status

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday