Industry Report Card: North American Chemicals Jan 03
Standard & Poors, January 2003
Abstract
After three consecutive quarters of improvement through Sept. 30, 2002, operating momentum in the North American chemicals sector is likely to stall. Fourth-quarter 2002 results, expected to be reported during the next few weeks, are now widely expected to reflect a number of negative factors including seasonally weaker demand and renewed raw material price escalation. A few chemical companies, including Dupont and Eastman Chemical, have already lowered earnings guidance for the quarter. From a ratings perspective, temporary operating weakness is usually not a significant concern. Still, after several years of credit deterioration in the chemicals sector, some highly leveraged issuers remain vulnerable to downgrade and have little capacity to absorb bad news. While most economic forecasts suggest substantially improved growth...
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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.
- Momentive Specialty Chemicals Inc.
- Cabot Corp.
- The Dow Chemical Co.
- DuPont (E.I.) De Nemours & Co.
- BASF Catalysts LLC
- FMC Corp.
- Ferro Corp.
- Hercules Inc.
- ICO Inc.
- The Lubrizol Corp.
- Olin Corp.
- PPG Industries Inc.
- Rohm and Haas Co.
- Sherwin-Williams Co.
- UOP LLC
- Great Lakes Chemical Corp.
- Terra Industries Inc.
- Mississippi Chemical Corp.
- Ecolab Inc.
- Valhi Inc.
- Lyondell Chemical Co.
- Axiall Corp.
- Mosaic Global Holdings Inc.
- Praxair Inc.
- RPM International Inc.
- Foamex L.P.
- Methanex Corp.
- Huntsman LLC
- Eastman Chemical Co.
- Koppers Inc.
- Cytec Industries Inc.
- Acetex Corp.
- NOVA Chemicals Corp.
- Potash Corp. of Saskatchewan Inc.
- Airgas Inc.
- Texas Petrochemicals L.P.
- Agrium Inc.
- International Specialty Products Inc.
- Solutia Inc.
- Sovereign Specialty Chemicals Inc.
- American Pacific Corp.
- Phibro Animal Health Corp.
- GEO Specialty Chemicals Inc.
- MacDermid Inc.
- Wellman Inc.
- INVISTA B.V.
- Equistar Chemicals L.P.
- Diversey Inc.
- Valspar Corp.
- Huntsman International Holdings LLC
- OMNOVA Solutions Inc.
- Celanese AG
- Chemtura Corp.
- OM Group Inc.
- Chevron Phillips Chemical Co. LLC
- PolyOne Corp.
- CP Kelco ApS
- Monsanto Co.
- Resolution Performance Products LLC
- Kraton Polymers LLC
- Noveon Inc.
- Rockwood Specialties Group Inc.
- Sigma-Aldrich Corp.
- Fuller (H.B.) Co.
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