Fitch downgrades Alcoa to BB+ on global oversupply

Apr 14, 2014 | 01:52 PM | Daniel Fitzgerald

Tags  Alcoa, Fitch, credit rating, downgrade, aluminum supply, Daniel Fitzgerald

NEW YORK — Fitch Ratings Inc. has downgraded Alcoa Inc.’s credit rating to BB+ from BBB–, noting that profitability in the primary aluminum market has been "hampered by global oversupply."

The Pittsburgh-based aluminum producer last week posted a first-quarter net loss of $178 million on low aluminum prices and costs related to plant closures (, April 8). The company also alluded to the possibility of further production cuts at loss-making facilities....

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