S&P assigns B- to Arconic notes

S&P said it assigned its B- issue-level rating and 6 recovery rating to Arsenal AIC Parent LLC's $500 million senior notes. The 6 recovery rating indicates an expectation of negligible (0%-10%; rounded estimate: 0%) recovery in a hypothetical default scenario.

All other ratings are unchanged, including the B+ long-term issuer credit rating on Arsenal AIC and the issue-level ratings on the company’s secured debt.

“The B+ issuer credit rating on Arsenal AIC (doing business as Arconic Corp.) reflects Arconic's business position as a large producer in the globally concentrated, but competitive, aluminum rolling industry and its large debt load following its 2023 leveraged acquisition,” S&P said in a news release.

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