New York, April 28, 2016 -- Moody's Investors Service upgraded the Corporate Family Rating (CFR) for Kaiser Aluminum Corporation (Kaiser) to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD. At the same time, Moody's assigned a Ba3 rating to the proposed $325 million in unsecured notes. The proposed notes are being issued to redeem the outstanding balance on the 8.25% notes due 2020, which ratings are affirmed at Ba3. The excess proceeds relative to the notes being tendered for is being retained for general corporate purposes, including stock repurchases. The Ba3 rating on the existing notes will be withdrawn upon the successful placement of the new notes and redemption of the existing notes. The outlook is stable. The speculative grade liquidity rating remains unchanged at SGL-1.

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