New York, September 17, 2014 -- Moody's Investors Service assigned a Ba1 rating to the senior unsecured notes issued by Alcoa Inc. ("Alcoa). The notes are issued under the company's shelf registration rated (P)Ba1 for senior unsecured debt. All other ratings remain unchanged including the company's Speculative Grade Liquidity Rating of SGL-1. Proceeds, together with proceeds from the Mandatory Convertible Preferred Stock issue, will be used to finance the $2.85 billion acquisition of Firth Rixson from Oak Hill Capital Partners III, L.P. and Oak Hill Capital Management Partners III, L.P. The transaction also has a potential $150 million earn-out through December 31, 2020 based upon financial performance at Firth Rixson's Savannah, Georgia facility. Closing remains subject to customary conditions and regulatory approvals. The rating outlook is stable.

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