DBRS Releases Report on Alcoa Inc.

DBRS has today released a report on Alcoa Inc. (Alcoa or the Company) that supports the recent confirmation of the Company’s Issuer and Senior Unsecured Debt ratings at BBB and its Commercial Paper rating at R-2 (middle). The trend for each rating is Stable.

Alcoa is one of the world’s leading producers and managers of aluminum-related products. The confirmation of its ratings reflect Alcoa’s geographically diversified and integrated operations, its position as a low-cost alumina producer and its technologically sophisticated mid- and downstream production operations (Global Rolled Products and Engineered Products and Solutions), which provide steadier profit margins than its upstream assets.

A decline in aluminum and alumina prices since mid-2011 has reduced Alcoa’s earnings and cash flow, weakening credit metrics in 2012. However, these metrics generally remain within DBRS’s current rating category for Alcoa, and the weakness is considered cyclical.

Alcoa remains vulnerable to low aluminum prices, as a significant part of its earnings are aluminum-related. DBRS expects Alcoa to remain flexible with its capital expenditure and dividend programs in the event aluminum and alumina prices decline further.

Today’s report and the September 20, 2012, press release are available at www.dbrs.com or by contacting us at info@dbrs.com.