Fitch Lowers Alcoa Brazil

Fitch has downgraded to BBB minus from BBB and withdrawn the credit ratings for Alcoa Aluminio. The cut reflects the increased leverage at the Brazilian unit of US metals producer Alcoa, amid challenging market conditions, the agency says. Fitch points out that debt to Ebitda was 2.6x as of September, compared to 0.8x the year before. Fitch expects future financing requirements at Aluminio to be met by its parent.