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Industry Report Card: North American Chemicals Companies' Credit Quality Should Remain Stable Through 2013 Apr 12

  • ID: 2127109
  • April 2012
  • Region: North America, United States
  • Standard & Poors

FEATURED COMPANIES

  • Acetex Corp.
  • Chemtura Corp.
  • General Chemical Corp.
  • LaRoche Industries Inc.
  • Phillips Plastics Corp.
  • Sonneborn Holdings L.P.
  • MORE

Abstract
Credit quality at North American chemical companies should be generally stable this year and next under Standard & Poor's Ratings Services' baseline economic scenario, which forecasts modest U.S. economic growth in 2012 and 2013. We also see several ongoing industry trends that should support credit quality. For one, U.S. chemical production is increasingly more cost-efficient through the use of relatively low cost natural gas. This has shored up the chemical industry's competitive position relative to imports and made U.S. exports more competitive in some subsectors. We also believe that supply remains tight relative to demand for many products, including several commodity chemicals. Many companies reduced their capacity prior to and during the recession of 2008-2009, and capacity growth has not...

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.

Note: Product cover images may vary from those shown

- Air Products and Chemicals Inc.
- Ashland Inc.
- Hexion Inc.
- Cabot Corp.
- FMC Corp.
- ICO Inc.
- PPG Industries Inc.
- Rohm and Haas Co.
- Sherwin-Williams Co.
- Union Carbide Corp.
- Terra Industries Inc.
- Sterling Chemicals Inc.
- Atlantis Plastics Inc.
- Lyondell Chemical Worldwide Inc.
- Valhi Inc.
- Huntsman Polymers Corp.
- Trans-Resources Inc.
- Axiall Corp.
- Uniroyal Chemical Corp.
- Phosphate Resource Partners L.P.
- BASF Corp.
- Mosaic Global Holdings Inc.
- Praxair Inc.
- RPM International Inc.
- Sweetheart Holdings Inc.
- Harris Chemical North America Inc.
- Methanex Corp.
- Huntsman LLC
- Koppers Inc.
- The Scotts Miracle-Gro Co.
- Cytec Industries Inc.
- Geon Co.
- Polymer Group Inc.
- Pioneer Corp. of America
- NOVA Chemicals Corp.
- Agrium Inc.
- Sovereign Specialty Chemicals Inc.
- Burke Industries Inc.
- Pliant Corp.
- BetzDearborn Inc.
- Innospec Inc.
- Formica Corp.
- GEO Specialty Chemicals Inc.
- Norwood Promotional Products Inc.
- Wellman Inc.
- Equistar Chemicals L.P.
- Diversey Inc.
- United Industries Corp.
- Valspar Corp.
- OMNOVA Solutions Inc.
- Chemtura Corp.
- OM Group Inc.
- Rain CII Carbon LLC
- Huntsman Corp.
- PolyOne Corp.
- CP Kelco ApS
- Monsanto Co.
- Resolution Performance Products LLC
- ISP Chemco LLC
- Rockwood Specialties Group Inc.
- MetoKote Corp.
- International Specialty Holdings Inc.
- 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.
- Innophos Investments Holdings Inc.
- CF Industries Inc.
- Tronox Inc.
- 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.
- Allen-Vanguard Corp.
- LyondellBasell Industries N.V.
- Avantor Performance Materials Holdings S.A.
- Columbian Chemicals Acquisition LLC
- Nexeo Solutions LLC
- Indigold Carbon B.V.
- Potters Holdings II L.P.
- Norit Holding B.V.
- Phillips Plastics Corp.
- Vantage Specialty Chemicals Inc.
- Road Infrastructure Investment LLC
- PL Propylene LLC
- Dexter Corp.
- The Dow Chemical Co.
- Dow Corning Corp.
- DuPont (E.I.) De Nemours & Co.
- NewMarket Corp.
- Ferro Corp.
- Grace (W.R.) & Co.
- Hercules Inc.
- Occidental Chemical Corp.
- The Lubrizol Corp.
- Quantum Chemical Corp.
- Olin Corp.
- Celanese Americas LLC
- Flint Hills Resources L.P.
- Great Lakes Chemical Corp.
- Mississippi Chemical Corp.
- Nalco Chemical Co.
- Hanna (M.A.) Co.
- Witco Corp.
- Celanese AG
- Ecolab Inc.
- CNA Holdings LLC
- Lyondell Chemical Co.
- General Chemical Corp.
- J.M. Huber Corp.
- Morton International Inc.
- Plastic Containers Inc.
- Dow Chemical Co. 1992-A Pass Through Trusts
- Foamex L.P.
- Millennium America Inc.
- Eastman Chemical Co.
- LaRoche Industries Inc.
- Acetex Corp.
- Westlake Chemical Corp.
- Potash Corp. of Saskatchewan Inc.
- Airgas Inc.
- Texas Petrochemicals L.P.
- Sterling Chemicals Holdings, Inc.
- International Specialty Products Inc.
- Unifrax Corp.
- Solutia Inc.
- Lilly Industries Inc.
- ClimaChem, Inc.
- Furon Co.
- Diamond Brands Inc.
- Moll Industries Inc.
- MacDermid Inc.
- INVISTA B.V.
- Sensient Technologies Corp.
- GenTek Inc.
- Royster-Clark Inc.
- Huntsman International LLC
- Huntsman International Holdings LLC
- International Flavors & Fragrances Inc.
- Chevron Phillips Chemical Co. LLC
- Kraton Polymers LLC
- Noveon Inc.
- Albemarle Corp.
- Flint Hills Resources LLC
- Propex Inc.
- Koppers Holdings Inc.
- PQ Corp.
- Covalence Specialty Materials Corp.
- Arclin Canada Ltd.
- Armtec Holdings Ltd.
- General Chemical Holding Co.
- TPC Group LLC
- Atkore International Inc.
- Trinseo S.A.
- Arizona Chemical Holdings Corp.
- Sonneborn Holdings L.P.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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