Fitch assigns Alcoa notes BBB-

Fitch Ratings said it assigned a BBB- to Alcoa Inc.'s $1 billion of 6.15% senior unsecured notes due Aug. 15, 2020.

Proceeds of the notes are to be used to fund the purchase price of the notes, which are tendered pursuant to its offer to purchase dated July 26, with remaining proceeds to repay certain other outstanding indebtedness or for general corporate purposes, the agency added.

Fitch said it currently rates Alcoa as follows: issuer default rating at BBB-; senior unsecured debt at BBB-; $3.25 billion revolving credit facility at BBB-; preferred stock at BB; short-term issuer default rating at F3; and commercial paper at F3.

The outlook remains negative.

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