New York, June 30, 2016 -- Moody's Investors Service comments that following Alcoa Inc.'s Form 10 filing on Alcoa Upstream Corporation ("New co or spin CO") the outlook for the current Alcoa Inc., which will become Arconic, remains negative. The newly named Arconic will be the continuing or remaining company, will retain all of the current Alcoa's existing debt and an estimated $3 billion in pension and OPEB liabilities. New details of the separation plan include that Arconic will retain just under 20% of the New Co, which will be renamed Alcoa Corporation.

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