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

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.
  • Lilly Industries Inc.
  • Pioneer Corp. of America
  • Sterling Chemicals Inc.
  • 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.

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

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