Reuters
Kaiser Aluminum earns 'BB-' rating
Edited by : AL CIRCLE
1 min read
On May 14, 2012, Standard & Poor's Ratings Services assigned its 'BB-' corporate credit rating to Foothill Ranch, Calif.-based Kaiser Aluminum Corp. U.S.-based aluminum products manufacturer Kaiser Aluminum Corp. plans to issue $200 million senior unsecured notes due 2020. At the same time, Kaiser Aluminum Corp.'s proposed $200 million senior unsecured notes are also assigned a 'BB-' (the same as the corporate credit rating) issue-level rating. The recovery rating on the proposed notes is '3', indicating the rating service’s expectation of meaningful (50% to 70%) recovery in the event of payment default.
The company plans to use proceeds from the proposed notes issuance for general corporate purposes as well as to pay related fees and expenses. Kaiser Aluminum Corp.'s primary line of business is the production of semi-fabricated specialty aluminum products for global markets. Kaiser focuses on highly engineered products for the aerospace and high strength, general engineering, automotive, and other industrial end market applications, including rolled, extruded, and drawn aluminum products. The company operates 11 production facilities in the U.S. and one in Canada; many of Kaiser's competitors are larger and more geographically diverse.
The company plans to use proceeds from the proposed notes issuance for general corporate purposes as well as to pay related fees and expenses. Kaiser Aluminum Corp.'s primary line of business is the production of semi-fabricated specialty aluminum products for global markets. Kaiser focuses on highly engineered products for the aerospace and high strength, general engineering, automotive, and other industrial end market applications, including rolled, extruded, and drawn aluminum products. The company operates 11 production facilities in the U.S. and one in Canada; many of Kaiser's competitors are larger and more geographically diverse.
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