Alcoa reacts to Moody’s downgrade

May 30, 2013 | 10:04 AM | Michael Cowden

Tags  Alcoa, Moody's, ratings downgrade, ratings agency, LME, warehouse inventory, aluminum prices, overcapacity aerospace

CHICAGO — Alcoa Inc. is "disappointed" with ratings agency Moody’s Investors Service Inc.’s decision May 29 to downgrade approximately $6.8 billion in company debt.

The New York-based integrated aluminum company said it had a strong balance sheet and liquidity position, as well as limited near-term bond maturities.

"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 company said.....

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