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Fitch Places Alcoa Aluminio's IDR on Rating Watch Negative.

Publication: Business Wire
Publication Date: 08-MAY-07
Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Fitch Ratings has placed Alcoa Aluminio S.A. (Aluminio) on Rating Watch Negative as follows:

--Local currency Issuer Default Rating (IDR) 'BBB';

--Foreign currency Issuer Default Rating (IDR) 'BBB';

--National scale rating 'AAA(bra)';

--Series 1996-1 secured export notes (SENs) due 2008 'BBB'.

These rating actions follow the recent announcement by Aluminio's parent company Alcoa Inc. (Alcoa) of its unsolicited offer to acquire all of the outstanding shares of Canadian aluminum producer Alcan Inc. for $58.60 in cash and 0.4108 of a share of Alcoa common stock for...

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