Fitch Ratings - New York - 28 Feb 2025: Fitch Ratings has affirmed the Long-Term Default Ratings (IDRs) of Alcoa Corporation (Alcoa) and Alcoa Nederland Holding B.V. (Alcoa Nederland) at 'BB+'. Fitch has also affirmed Alcoa Nederland's senior unsecured note ratings at 'BB+' with a Recovery Rating of 'RR4' and the senior secured revolver rating at 'BBB-' /'RR2'. The Rating Outlook is Stable.

The ratings reflect Alcoa Corporation's leading positions in bauxite, alumina and aluminum, and solid cost position and control over spending. The scope of its operations as well as cost and spending management affords the flexibility necessary to navigate through the volatility in the aluminum and alumina markets.

The Stable Outlook reflects Fitch's expectations for EBITDA leverage generally below 2.5x and not exceeding 3.5x.