AP reported that Fitch Ratings affirmed its investment grade rating on some of aluminum producer Alcoa Inc's debt, but its outlook on the company remains negative.

Fitch affirmed Alcoa's issuer default rating, senior unsecured debt rating and rating on its USD 3.25 billion revolving credit line all at 'BBB-'. That's one notch above junk status.

Fitch said the ratings reflect its view that cash balances and free cash flow should be ample to repay scheduled maturities of debt in 2010. But its negative outlook reflects limited earnings visibility and pressures on the aluminum market from growing high inventories and persistent surplus production.

(Sourced fro Associated Press)