Moody's places South32 on review for ratings downgrade after Alcoa deal
Market Trends · Kitco ·
Moody's Ratings placed Australian miner South32's credit ratings on review for a downgrade after it agreed to sell most of its aluminum assets to Alcoa for up to $5.6 billion. The agency said the divestment would materially reduce the company's scale, commodity diversification and operating footprint, removing assets that contributed around 37% of underlying earnings on average over the past five fiscal years.