DBRS Releases Report on Alcoa Inc.

DBRS Limited (DBRS) has today released a report on Alcoa Inc. (Alcoa or the Company) that provides support to DBRS’s November 3, 2014, confirmation of the Company’s ratings and the maintenance of the trends as Negative.

Alcoa is a global leader in lightweight metals engineering and manufacturing, including aluminum, titanium and nickel that are widely used in industry, as well as one of the world’s leading producers and managers of bauxite, alumina and aluminum production operations. It has been improving its competitive position on industry cost curves for its Primary Metals and Alumina businesses and expanding operations and improving margins in its Engineered Products and Solutions businesses, enhancing its business profile. Nonetheless, the Company’s credit metrics remain weak for its current ratings even though they have been improving.

With the outlook for aluminum markets clouded by the uncertain course of global economic expansion and the need for Alcoa to complete and integrate the acquisition of Firth Rixson Limited, the risks the Company faces from a financial and ratings perspective remains high compared with other larger, more diversified miners.

That said, further improvements in the Company’s credit metrics and added evidence of the success of its new operations can be expected to lead to a return in trend to Stable.

Today’s report and the November 3, 2014, press release are available at www.dbrs.com or by contacting us at info@dbrs.com.