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BASF-INEOS Joint Venture Styrolution Assigned 'B+' Preliminary Corporate Credit And Debt Ratings; Outlook Stable May 11
Standard & Poors, May 2011
Abstract
Germany-based BASF and U.K.-based INEOS are combining their global styrenic polymer production activities into a new joint venture called Styrolution. In our view, key risks for Styrolution are the absence of a track record, low profit margins, exposure to raw material prices, and highly cyclical activities. We are assigning 'B+' preliminary long-term corporate credit and bond ratings to Styrolution, subject to competition clearance and establishment of the joint venture. The stable outlook reflects the near-term supportive industry outlook and our view that Styrolution's moderate initial leverage and 'adequate' liquidity mitigates severe cyclicality. FRANKFURT (Standard & Poor's) May 6, 2011--Standard & Poor's Ratings Services said that it had assigned its 'B+' preliminary long-term corporate credit rating to Germany-based styrenics producer Styrolution...
Companies mentioned in this report are: Styrolution Group GmbH
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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