New York, September 28, 2015 -- Moody's Investors Service changed Alcoa Inc's (Alcoa) outlook to developing from positive. At the same time Moody's affirmed the Ba1 Corporate Family Rating (CFR), Ba1-PD Probability of Default Rating, Ba1 senior unsecured ratings, (P)Ba1 medium term note program rating, (P)Ba1 senior unsecured shelf rating, Ba2 preferred stock rating and SGL-1 Speculative Grade Liquidity rating.

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