MUMBAI - Standard & Poor's Ratings Services affirmed its 'A-' long-term corporate credit rating on Alumina Ltd and removed it from creditwatch with negative implications, after Alcoa Inc withdrew its offer for Alcan Inc in light of Rio Tinto PLC's agreed offer for Alcan.

The outlook is stable. The negative watch placement was based on S&P's expectation that Alumina would seek to participate in the acquisition of the new bauxite and alumina assets from Alcoa, if Alcoa's bid for Alcan was successful. The 'A-' corporate credit rating on Alumina reflects the company's moderately conservative financial policies and stable dividend flow from its 40 pct ownership of Alcoa World Alumina and Chemicals (AWAC), S&P said. The AWAC dividend represents Alumina's entire cash flows.