Novelis Inc. -- Moody's assigns a Ba2 rating to Novelis' new Snr. Sec. Term Loan; changes outlook to negative

New York, May 18, 2015 -- Moody's Investors Service assigned a Ba2 rating to Novelis Inc.'s new $1.8 billion senior secured term loan and changed the company's outlook to negative from stable. At the same time, Moody's affirmed the B1 corporate family rating (CFR), B1-PD probability of default rating, Ba2 rating on the existing senior secured term loan, and the B2 senior unsecured notes ratings. The speculative grade liquidity rating was changed to SGL-2 from SGL-3. Moody's will withdraw the Ba2 rating on the existing secured term loan upon its repayment with proceeds from the new term loan.

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