Moody's cuts Alcoa's (AA) senior unsecured debt ratings to Ba1 from Baa3, and assigns a Ba1...

|By:, SA News Editor

Moody's cuts Alcoa's (AA) senior unsecured debt ratings to Ba1 from Baa3, and assigns a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default Rating. At the same time, its withdraws the company's Prime-3 commercial paper rating and assigns a Speculative Grade Liquidity Rating of SGL-1. The agency cites continuing headwinds pressuring fundamentals in the aluminum industry and aluminum prices for the downgrade.