Fitch Withdraws Issue Rating on Alcoa's Preferred Stock
Fitch's "Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis" cross-sector criteria dated Feb. 29, 2016 (Hybrid Criteria) states that Fitch does not assign ratings to mandatory convertible instruments, or similar instruments that are exclusively redeemable into shares. The prior version of Fitch's Hybrid Criteria effective in 2014 states the same. However, Fitch inadvertently assigned ratings to Alcoa'a mandatory convertible instruments in 2014, when they were issued. Today's rating withdrawal corrects the inadvertent rating assignment.