Industry Economic And Ratings Outlook: North American Chemical Ratings Should Remain Fairly Stable Amid An Uncertain Economy Jan 12
Standard & Poors, January 2012
Abstract
Standard & Poor's Ratings Services' outlook for credit quality in the North American chemicals industry is broadly stable, as nearly 60 of 71 rated companies have stable outlooks. By and large, financial risk profiles are in good shape for the respective ratings. With supply and demand for many products relatively tight, companies tend to have good pricing power and relatively high operating margins by historical standards. Many have taken advantage of favorable credit market conditions and low interest rates during the past several quarters to refinance debt and address other obligations such as pensions, and some have accumulated significant cash balances. Given the importance of overseas markets to North American-based chemical companies, still-reasonable economic growth in emerging markets, particularly China,...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Air Products and Chemicals Inc.
- Ashland Inc.
- Momentive Specialty Chemicals Inc.
- Cabot Corp.
- The Dow Chemical Co.
- DuPont (E.I.) De Nemours & Co.
- NewMarket Corp.
- FMC Corp.
- Ferro Corp.
- Hercules Inc.
- Occidental Chemical Corp.
- The Lubrizol Corp.
- Olin Corp.
- PPG Industries Inc.
- Rohm and Haas Co.
- Sherwin-Williams Co.
- Union Carbide Corp.
- Celanese Americas LLC
- Flint Hills Resources L.P.
- Great Lakes Chemical Corp.
- Terra Industries Inc.
- Sterling Chemicals Inc.
- Ecolab Inc.
- Atlantis Plastics Inc.
- CNA Holdings Inc.
- Valhi Inc.
- Lyondell Chemical Co.
- J.M. Huber Corp.
- Axiall Corp.
- Morton International Inc.
- Phosphate Resource Partners L.P.
- BASF Corp.
- Mosaic Global Holdings Inc.
- Praxair Inc.
- Dow Chemical Co. 1992-A Pass Through Trusts
- RPM International Inc.
- Foamex L.P.
- Millennium America Inc.
- Huntsman LLC
- Eastman Chemical Co.
- Koppers Inc.
- The Scotts Miracle-Gro Co.
- Cytec Industries Inc.
- Westlake Chemical Corp.
- Airgas Inc.
- Texas Petrochemicals L.P.
- International Specialty Products Inc.
- Unifrax Corp.
- Solutia Inc.
- Sovereign Specialty Chemicals Inc.
- Pliant Corp.
- American Pacific Corp.
- Innospec Inc.
- MacDermid Inc.
- Norwood Promotional Products Inc.
- Wellman Inc.
- INVISTA B.V.
- Sensient Technologies Corp.
- Equistar Chemicals L.P.
- Diversey Inc.
- United Industries Corp.
- GenTek Inc.
- Royster-Clark Inc.
- Huntsman International LLC
- Valspar Corp.
- Huntsman International Holdings LLC
- OMNOVA Solutions Inc.
- Celanese AG
- Chemtura Corp.
- International Flavors & Fragrances Inc.
- OM Group Inc.
- Rain CII Carbon LLC
- Huntsman Corp.
- Chevron Phillips Chemical Co. LLC
- PolyOne Corp.
- Monsanto Co.
- Resolution Performance Products LLC
- Kraton Polymers LLC
- ISP Chemco LLC
- Rockwood Specialties Group Inc.
- Albemarle Corp.
- MetoKote Corp.
- International Specialty Holdings Inc.
- Flint Hills Resources LLC
- Sigma-Aldrich Corp.
- Fuller (H.B.) Co.
- Houghton International Inc.
- Huntsman Advanced Materials LLC
- Diversey Holdings Inc.
- Nalco Co.
- ThermaClime Inc.
- Celanese US Holdings LLC
- Supresta LLC
- Resolution Specialty Materials LLC
- Innophos Inc.
- Crystal U.S. Holdings 3 LLC
- Kraton Performance Polymers Inc.
- The Mosaic Co.
- Propex Inc.
- Koppers Holdings Inc.
- PQ Corp.
- Innophos Investments Holdings Inc.
- CF Industries Inc.
- Tronox Inc.
- Covalence Specialty Materials Corp.
- FiberVisions Delaware Corp.
- AGY Holding Corp.
- Unifrax Holding Co.
- Vertellus Specialties Inc.
- Arr-Maz Custom Chemicals Inc.
- Reichhold Industries Inc.
- Momentive Performance Materials Inc.
- PNA Intermediate Holding Corp.
- AZ Chem US Inc.
- CPG Finance Inc.
- Millennium Inorganic Chemicals
- Hilex Poly Co. LLC
- Univar Inc.
- LyondellBasell Industries N.V.
- Ascend Performance Materials LLC
- General Chemical Holding Co.
- TPC Group LLC
- Columbian Chemicals Acquisition LLC
- Atkore International Inc.
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