Obbligazioni societarie Monitor bond Chimica Europa (1 Viewer)


Age quod Agis
Il settore chimico,ora veramente molto debole, da sempre subisce una forte dipendenza dai corsi petroliferi. E' in atto altresì, un riposizionamento delle produzioni a livello planetario, nel quale sono spostati plant in aree a piu' elevata richiesta con minori vincoli di ordine ambientale ed ovviamente con minori costi generali.Proprio per queste ragioni vi è anche una riorganizzazione attraverso fusioni/acquisizioni cessioni di attività.

NB: il report riportato a seguire è dell'aprile 2008

Industry Credit Outlook
Deteriorating macro-economic conditions in Europe's chemical industry ahead of the expected downturn in the
petrochemical sector in 2009 will reduce profits and cash flows of many of our rated companies over the coming quarters.
Nevertheless, most of them are well equipped for the obstacles ahead after several strong years for the chemical industry,
as indicated by the stable outlooks on about 80% of them. The six issuers in the 'B' rating category will be vulnerable,
however, because their balance sheets do not allow for a prolonged downturn, significant earnings deterioration, or
refinancing needs.
Some sectors of the chemical industry are less sensitive than others to general economic growth and supply-and-demand
balances. We expect agrochemical companies and industrial gas producers to continue their strong performance, while petrochemical producers will be most exposed to slowing economic growth, high raw-material costs, and a substantial addition of supply coming on stream from 2009.
To weather these difficulties, companies will need to strengthen their existing competitive advantages in technology or service so as to continue to differentiate products and absorb or pass through raw-material cost inflation. We also expect companies to adopt more conservative financial policies, moving away from the aggressive debt financing of 2006-2007, in preparation for the downcycle.
Geographic diversity will also help issuers to withstand a potential downturn. The U.S. accounted for only about 21% of

world chemical sales in 2006, while Europe and Asia remained the most important markets, accounting for 34% and 33% of
sales, respectively, according to Cefic, the European chemicals industry council. What's more, growth was strongest in Asia
and Eastern Europe.
While Standard Poor's Ratings Services expects most companies will still report strong results for the first quarter of 2008,
earnings are expected to weaken in the course of the year, reflecting weaker economic growth, high raw-material costs, and
unfavorable currency movements.

Weakening economic growth will put pressure on volumes sold
The downturn in the U.S. economy and weaker growth prospects for Europe will threaten capacity utilization, especially for
petrochemical producers and specialty chemical producers in the coming quarters, and therefore their profitability.
Performance in this industry is closely linked to economic growth and industrial production. That is why strong economic
conditions in recent years have increased operating rates across the industry, supporting the pass-through of higher energy
costs to customers. Consequently, a downturn will dampen prospects.
We expect softer demand to impinge on volumes in the coming quarters. Although they should have held up fairly well in
the first quarter of 2008, they are likely to weaken in the course of the year. In the last economic downturn in 2001, our
rated issuers faced about four quarters of weak volumes.


Strong euro will hit 2008 earnings
The significantly appreciating euro against the dollar will reduce earnings generated in the U.S. and increase competition
risk for some specialty chemical firms in Europe. On the positive side, companies can source cheaper raw materials because
they are largely dollar denominated. This is why profit declines so far have been moderate, despite the euro's significant
appreciation. All in all, though, we expect currency effects to have negatively influenced sales growth for most European
chemical producers in first quarter of 2008 for the seventh consecutive quarter (see chart 2).
Chart 2


New capacities and softer demand will weaken pricing power
In contrast to the past years, we expect the industry's pricing power to weaken as a result of softening demand and further
supply addition. Pricing power is closely linked to the supply-and-demand pattern of products. Therefore, we only expect
agrochemical companies to continue to enjoy strong pricing power in 2008 because their supply-demand balance remains
Rising energy prices could also become a more pressing issue for base and specialty-chemical producers, particularly in the
context of a slowing U.S. economy and the gradual weakening of the supply-and-demand balance for petrochemicals in the
coming years. Tougher economic conditions are likely to erode demand growth, and the large-scale capacity additions from
lower-cost regions will make it increasingly difficult for companies to cope with raw-material spikes.

Chart 3


Petrochemicals and plastics: New capacities and high input prices dim prospects for the coming

After several years of substantially strong performance in the petrochemical cycle, cracker margins did not manage to
recover in the fourth quarter of 2007 (see chart 4). Only polyolefin margins have held up. Our cracker margin indicator
shows a significant deterioration in the ethylene margins of Europe-based petrochemical producers in the last quarter of
2007, continuing into 2008. We expect the second quarter of 2008 to remain poor for ethylene, while propylene margins will
remain similar to those of the first quarter. However, naphtha prices look set continue rising, mainly because they are
closely linked to the development in oil prices. This will put further pressure on cracker margins in Europe in the second
European petrochemical producers have benefited somewhat from an appreciating euro over recent quarters, while margins
of liquid crackers in the U.S. have suffered from the weak dollar.
Given the relatively weak start for petrochemical producers in 2008 and the new capacities on the horizon, we expect
petrochemical and plastic producers' full-year 2008 profits to be clearly below those of 2007. The length and magnitude of
the downturn in the cycle will depend greatly on how well economic growth holds up over the next few years. A meaningful
weakening of overall global economic activity for a prolonged period would most likely lead to a significant weakening of
cash flows for highly indebted petrochemical producers, such as LyondellBasell Industries AF S.C.A. (B+/Negative/--) and
Ineos Group Holdings PLC (B+/Stable/--). This would put pressure on their credit profiles. We recently revised the outlook
on LyondellBasell to negative, reflecting the risk of credit deterioration.
The Middle Eastern and Russian producers are currently benefiting from high oil prices because their feedstock costs are
fixed to low gas prices in their regions. Therefore, the cost curve in petrochemicals is becoming even steeper, with Middle
Eastern producers at the low end and European producers having the highest production costs. Saudi Basic Industries
Corp.'s (SABIC; A+/Stable/A-1) strong first-quarter 2008 results underpin this.



High raw-material costs challenge specialty chemicals' business model
We expect European specialty-chemical producers to suffer from raw-material cost inflation in 2008. They are also more
sensitive than other sectors of the chemical industry to the depreciation of the dollar because they export a significant
proportion of products to dollar-denominated countries. However, innovation, internal cost restructuring programs, and a
likely easing of petrochemical prices in 2009 should help the majority of our rated specialty chemical producers cope with
these challenges and maintain their current credit quality.
Companies best positioned to ride out these difficult industry conditions are Sika AG (A-/Stable/A-2), Rhodia S.A.
(BB/Stable/B), and Royal DSM N.V. (A-/Stable/A-2). We consider these companies to be well positioned within their
markets, and to have a cushion in their credit quality to allow for some unforeseen events. We expect them to continue to
show solid performance in 2008 and to benefit from strong global economic activity in past years.
Others, meanwhile, are struggling with significant competition and are not able to pass on the higher raw-material costs to
customers. The credit quality of Ciba Specialty Chemicals Holding Inc. (BBB/Negative/A-3) and Clariant AG (BBB-/Stable/A-
3) has deteriorated over the past few years, largely because of their unsuccessful acquisitions and high levels of competition
in their business segments. We recently lowered the rating on Clariant by one notch and revised the outlook on Ciba to
negative from stable on concerns that the softening economic environment could hinder the operating improvements they
need to maintain their credit profiles.

Agrochemical producers on a strong upward trend
The agrochemical industry is enjoying a renaissance. Demand is exceeding production for key crops in global markets and
the price of wheat has more than doubled over the past 12 months. This puts farmers under extreme pressure to optimize
their yield and encourage the use of fertilizers and crop protection products. Our rated agrochemical companies are
benefiting from this situation and experiencing a significant increase in fertilizer prices and crop protection products.
Consequently, Syngenta AG (A/Stable/A-1), Qatar Fertiliser Co. (S.A.Q.; A+/Stable/--), Yara International ASA
(BBB/Stable/A-2), and EuroChem Mineral and Chemical Co. OJSC (BB-/Stable/--) all posted strong operating results and increased margins for 2007. Syngenta also reported a 20% organic sales growth in the first quarter of 2008.
Urea prices peaked recently, partly because of rising gas costs, which companies can pass on to customers (see chart 5).
The increase in urea prices was possible in spite of rising imports from China. After the Chinese government recently
increased the tax on fertilizers to 100%-135%, imports from China to Europe are expected to be reduced significantly,
further tightening the supply-and-demand balance within Europe on nitrogen fertilizers.

Chart 5


Industrial gases are a safe haven in turbulent times
We consider industrial gas producers well prepared to weather the current uncertainties over global demand, rising energy
and feedstock costs, and the likely weakening of the petrochemical cycle. Industrial gas producers generally benefit from
business models that allow them to pass through higher energy costs to customers either by contracts or their exceptionally
strong market dominance. They also serve a large variety of end-markets and have a high exposure to less economically
sensitive sectors, such as health care and energy. We recently raised our ratings on Linde AG (BBB+/Stable/A-2), following
its exceptionally strong debt reduction and more conservative financial policy.
In the past, the main threats to industrial gas companies' credit quality have been increased M&A activity and shareholder
friendliness. Although we believe mergers will continue play a major role, we think companies will concentrate on smaller
deals in the coming years. This will be encouraged by good organic growth opportunities in the industry. We expect
companies to retain conservative financial policies overall, supported by their long-term contracts with large high-rated
multinationals. Nevertheless, we consider it likely that both Linde and L'Air Liquide S.A. (A/Stable/A-1) will invest
significantly over the next few years, so that credit metrics show no substantial improvements from current levels.

Outlook stable on most companies
We currently rate 28 chemical producers in Europe, the Middle East, and Russia. We expect 80% of our rated chemical
producers to maintain their credit profiles over the coming year and we have assigned a stable outlook to those issuers. The
outlook on four companies is currently negative: LyondellBasell, Ciba, Lucite International Group Holdings Ltd.
The outlook on Sabic Innovative Plastics B.V. (BB/Positive/--) is positive because of a likely change in its financing
Since our last report card was published on Dec. 12, 2007, we have withdrawn the rating on Solutia Europe S.A./N.V. at the
company's request, after its debt was refinanced as part of parent company Solutia Inc.'s emergence from Chapter 11
So far in 2008, we have raised the ratings on Linde and Rhodia while we lowered those on Clariant. We expect downgrades
to outweigh upgrades in the coming quarters.





Issuer Review
Table 1
Company/Corporate credit rating*/Comments
L'Air Liquide S.A. (A/Stable/A-1) Francia
Air Liquide posted strong results for 2007, with sales increasing by 7.8% and EBITDA by
6.2%. In the first quarter of 2008, sales continued to develop strongly. This was aided by
good hydrogen demand and increased sales in the health care and electronics sectors. We
expect cash flow generation to remain strong in 2008, but FOCF generation will be modest in
the coming years due to the company's large capital expenditure plans, acquisitions, and
shareholder-friendly policy. We expect credit protection ratios to improve slightly from the
current levels, mainly stemming from improved cash flow generation.
Akzo Nobel N.V. (A-/Stable/A-2) Olanda
At year-end 2007, on a pro forma basis the combined Akzo/ICI entity had revenues of €14.4
billion, reflecting a 2% increase, with the majority of growth coming from the emerging
markets. In the North American markets, however, ICI's decorative segment was negatively
affected by the slowdown in the U.S. economy and was down by 6%. The pro-forma results
are slightly below our expectations, with pro-forma FFO to debt of about 30%. The ratings
could be negatively affected should the company's top-line revenues soften, resulting in a
deterioration in FFO and credit protection ratios. The company needs to achieve FFO to debt
of about 35%-40% through the cycle.
BASF SE (AA-/Stable/A-1+) Germania
BASF reported a strong first-quarter 2008, with sales increasing by 9% and EBITDA by
10.5% compared with first-quarter 2007. Profits were up in oil and gas, agriculture, and
plastics, while profits in chemicals were lower, reflecting lower cracker margins. Credit
protection ratios were strong, with funds from operations (FFO) to debt at about 60% at
Dec. 31, 2007, and debt to EBITDA about 1.2x. We expect credit protection ratios to stabiliz
in 2008 due to good operational performance, despite the company's shareholder-friendly

Carmeuse Holding S.A. (BB+/Negative/--) Belgio

The main news is the completion of the Oglebay Norton Co. acquisition in mid-February,
following the approval of the U.S. antitrust authorities. While this debt-financed growth has
depressed key credit metrics, we expect Carmeuse to improve its financials by year-end,
with notably asset disposals and the refinancing of the bridge loan. Operational performanc
should continue to be satisfactory in the first half of the year, with an EBITDA margin above 20%.
Ciba Specialty Chemicals Holding Inc. Svizzera
Acquisita e pienamente incorporata da BASF nel settembre 2008

Clariant AG (BBB-/Stable/A-3) Svizzera
We lowered the rating on Clariant, reflecting its weak underlying profitability and subpar
cash flow coverage. We expect the company to generate only moderate free operating cas
flow over the next two years. Clariant was only partly able to benefit from the strong
economic environment in recent years, with volumes supporting revenue growth. Despite
increasing its capacity utilization, the company did not cope with the effects of higher raw-
material costs and intense competition. Its profitability continued to decline across all
product segments and ranked among those at the low end of Standard & Poor's rated
chemical companies in 2007. We expect weaker economic growth and still-volatile and risin
raw-material costs to make it difficult for Clariant to restore its profitability in 2008. FFO to
debt is about 30% and is expected to remain about that level in the coming years.

Cognis GmbH (B/Stable/--) Germania
Cognis managed in 2007 to largely offset the higher raw-material cost prices, and its profit
margin only declined marginally to 10.2% from 10.8% on an unadjusted basis. The adjusted
EBITDA margin was reported unchanged at about 11.7%. Organic sales growth remained
strong, especially in fourth-quarter 2007, at 8.7%. Cognis is preparing to sell Pulcra
chemicals, which, together with Oleochemicals, shows the weakest profitability. Credit
protection ratios remain weak, with debt to EBITDA of about 8.1x and FFO to debt of about
5% for the 12 months ended Dec. 31, 2007. We expect a modest improvement of the
currently weak credit protection ratios in the coming quarters.
Dynea International Oy (B+/Stable/--)
We expect Dynea to post 2007 results in line with the rating, with an FFO to adjusted debt
well above 15%, and an EBITDA margin in the region of 8%-10%. The company continues to
have material leeway for debt-financed acquisitions or other cash-intensive measures.
EuroChem Mineral and Chemical Co. OJSC (BB-/Stable/--) Russia
The group should have posted a very good EBITDA margin in 2007, continuing the good
trend of the first nine months, when the margin surpassed 30%. This reflected very good
selling prices, robust demand for fertilizers, and still cheap variable costs (notably Russian
gas). As a result, cash flow metrics for 2007 should be comfortable for the rating and
accommodate the group's material capex plans for the next few years.

Evonik Degussa GmbH (BB/Stable/B) Germania
The difficult environment on financial markets does not support Evonik's plan for an IPO in
2008. However, a minority sale to an investor remains on the agenda. The uncertainty about
the future strategy of Evonik and of Evonik Degussa will therefore remain longer than
previously expected. While Evonik Degussa is likely to report clearly improved leverage
ratios in 2007 over 2006, the overall leverage remains aggressive in our view and
uncertainty about future business and financial strategy are also weighing on the assessment
of the company's current credit quality.
Ineos Group Holdings PLC (B+/Stable/--) UK
Di Ineos non imetto il commento di S&P perchè troppo superato (se ne parlerà + avanti).

Linde AG (BBB+/Stable/A-2) Germania
We raised the rating on Linde following the strong operating performance and conservative
dividend policy in 2007, which allowed it to reduce financial debt faster than we previously
expected. Linde exceeded its original debt-reduction target by more than €800 million in
2007. It also reduced its pension deficit by about €600 million by making extra contributions
and thanks to the strong performance of pension assets. Linde's cash flow protection ratios
already reached levels adequate for the 'BBB+' rating in 2007, with FFO to debt of 27.5%
and debt to EBITDA of 2.8x. We expect the company to use its operating cash flow over the
coming years to support its growth aspirations in industrial gases by making capital
expenditures to sales of about 13% per year. We therefore expect cash flow protection ratios
to stabilize.

LyondellBasell Industries AF S.C.A. (B+/Negative/--) <-----CH11!!
We revised the outlook to negative due to increased risks that LyondellBasell faces in 2008. Poi evoluto in CH11.

LANXESS further improved its profitability in 2007, thanks to its initiated restructuring
measures, portfolio management activity, solid organic growth, and high capacity utilization
for key products. The EBITDA margin reached 10.9% in 2007 and a further improvement is
expected in 2008 due to the divestment of Lustran Polymers. LANXESS is not expected to be
significantly affected by the petrochemical downturn in 2009, as supply and demand for its
product portfolio seems not to be affected. However, we expect cash flow protection ratios to
weaken from currently strong levels in the coming years because the company is committed
to external and internal growth. The recent acquisition of Petroflex is an example of this.

Rhodia S.A. (BB/Stable/B) France
The main news is the one-notch upgrade to 'BB' because we expect Rhodia, after the
improved operational and financial results in 2007, will continue to improve its financials in
2008 and 2009, with an FFO to adjusted debt at about 20% and positive FOCF. This reflects
the continuing good polyamide cycles, and the material carbon credit cash proceeds. For the
first quarter of 2008, we expect EBITDA to be affected by raw-material and energy prices,
but thereafter we believe Rhodia will be able to progressively pass on an important part of
these costs.

Royal DSM (A-/Stable/A-2) Olanda
DSM displayed overall good operating results in 2007 and in the first quarter of 2008, while
the group's cash flow generation and key credit metrics remained strong and well above the
levels required for the current rating. This continues to give to the group material room for
potential acquisitions, higher shareholder distributions, restructuring expenses, and growth
and efficiency capital expenditure. Operating business performance is expected to have
remained broadly favorable for the first quarter of 2008. We continue to expect DSM to
achieve average FFO to debt of about 45% over the cycle to maintain its current rating.

Saudi Basic Industries Corp. (A+/Stable/A-1)
SABIC continues to post record results because it benefits from low gas prices, which are k
input costs for the production of its petrochemicals. This will further improve its
competitiveness against naphtha crackers in Europe in 2008. SABIC's decision to reduce it
dividend payout in 2008, despite increased cash flows, is evidence of its conservative
financing. Credit protection ratios declined, but remained strong, with FFO to debt of about
100% and debt to EBITDA of 1x. We expect a further weakening of the credit protection
ratios following a significant investment phase in 2008. However, coverage is likely to rem
comfortable for the ratings. SABIC's investment plans are on track and we expect the
company to increase capacity significantly in the second half of 2008 through the start-up
several plants.

Sika AG (A-/Stable/A-2)
Sika continued to perform well in 2007, with revenues of Swiss franc (CHF) 4.57 billion. Th
bulk of the growth was organic. Sika posted strong growth in most of its markets, with the
exception of North America, which only grew by 7% because the industry division in that
market was negatively affected by the automotive segment's performance, a condition tha
persisted in the first quarter of 2008. Sika was able to successfully pass on rising raw-
material costs and effect operating efficiencies, which resulted in an increase in EBITDA
margins to 14%, from 13.1%. This translated into strong cash flow generation and improv
credit protection ratios. FFO to fully adjusted net debt at year-end was a robust 62.8%. In
the first quarter of 2008, Sika's results were negatively affected by curency effects and
weather conditions in Europe. Nonetheless, the company achieved underlying organic grow
of 7.5% on revenues of CHF1,018 million. Sika's new facility in Switzerland recently opene
and will focus on research and development.
SPCM S.A. (BB-/Stable/--)
SNF (100% owned by SPCM) posted overall fair third-quarter operating results, reflecting
high raw-material and energy prices. The margin was down materially year on year, despit
higher sales, mirroring the acrylonitrile sales to Dupont, the margin of which is much
smaller, and that the Oman construction contract is chiefly in a start-up phase. Cash levels
and availability under the committed revolver line remained appropriate for the rating and
for the company's activities, at €77 million at the end of September. We expect FFO to
adjusted debt of about 20% in 2007, far better than in 2006, helped by favorable EBITDA

Solvay S.A. (A/Stable/A-1) Belgio
Solvay reported good 2007 results across its various businesses. In the pharmaceutical
segment, TriCor sales continued to perform well, and it remains Solvay's No. 1 drug. The
€300 million savings target (on fixed costs by the end of 2010 compared with end-2005) is
well on track. The other segments, plastics and chemicals, also enjoyed good profits, owin
to efficiency and markets that enabled the pass-through of raw-material and energy prices
Solvay continued to achieve cash flow metrics and leverage in line with the rating, with FFO
to adjusted debt of between 40% and 45% expected for the current rating. We continue to
expect Solvay to maintain its conservative financial policy and to post good EBITDA and
FOCF generation.

Syngenta AG (A/Stable/A-1)
Syngenta posted an exceptionally strong first quarter in 2008, with sales up 20% at constan
exchange rates (CER). Substantial volume growth was supplemented by a 3% increase in
pricing. In 2007, Syngenta's sales increased by 11% and EBITDA by 19%. Profitability has
improved and free cash flow generation reached $920 million. Crop protection is still the
main impetus of profit growth, but the company expects the Seeds business to become more
important in the future. Credit protection ratios remain strong for the rating, despite an
active policy to return excess cash to shareholders: it returned about $1 billion in 2007 and
is likely to return the same amount in 2008. We expect credit protection ratios to decline
from the currently strong levels, with FFO to debt of 75% and debt to EBITDA at 1x, due to
focus on growth and shareholder returns.

Yara International ASA (BBB/Stable/A-2)
Yara posted stronger-than-expected results in the first quarter of 2008, with revenues of
Norwegian krone (NOK) 20.7 billion. As in 2007, it benefited from favorable fundamentals in
the agrochemical sector, which resulted in strong demand and high prices for fertilizers and
considerable ability to pass on higher raw-material costs to customers. This had a very
positive effect on the Yara's credit protection metrics, with FFO to debt on a rolling 12-
months' basis exceeding 45%. However, the constraining factor on the rating currently
remains the company's aggressive growth strategy.
Ultima modifica di un moderatore:


Age quod Agis
Revisioni ratings (apr 2008)

European And Middle Eastern Chemical Industry--Rating/Outlook/CreditWatch Actions*
Issuer To From Date Reason
Industries AF S.C.A
B+/Negative/-- B+/Stable/-- April 24,<------QUESTO L' HO LASCIATO PER FAR VEDERE SE
Expectation of weaker cash flow generation and increased
liquidity needs due to working capital inflation.
Linde AG BBB+/Stable/A-2 BBB/Stable/A-2 April 14,
Strong operating performance and conservative dividend
policy in 2007, which allowed it to reduce financial debt faster
than we previously expected.
Rhodia S.A. BB/Stable/B BB-/Stable/B April 8,
Expectation that improvements in operational and financial
performance achieved in 2007 will continue in 2008 and 2009.
Clariant AG BBB-/Stable/A-3 BBB/Negative/A-3 March
14, 2008
The company's weak underlying profitability and subpar cash
flow coverage.

Ciba Specialty
Chemicals Holding
BBB/Negative/A-3 BBB/Stable/A-2 Feb. 12,
Increased risk that softening economic growth could hinder
the improvement in profitability and cash flow generation
needed to restore Ciba's currently weak credit protection
Carmeuse Holding
BB+/ Negative/-- BB+/ Watch Neg /-- Feb. 27,
Oglebay-Completion of the Norton. acquisition and expectation
that credit metrics will improve by year-end.
*Actions taken since the last report card dated Dec. 12, 2007.
Ultima modifica:


Age quod Agis
24/08/2006..Una considerazione postata che mantiene tuttora validità

Slowdown scrive:

"posto una mia considerazione personale , che viene dalla conoscenza generale/generica ....sic.... del settore...

occhio alle società che producono commodities tipo materie plastiche o petrolchimica in genere ( Rhodia col nylon , per capirci....) o che non hanno smantellato tutta questa attività in occidente : il loro ciclo di vita è sepolto..... come per la siderurgia venti e passa anni orsono... non c'è alcuna possibilità...

società che fanno questo tipo di attività vengono mandate fuori mercato da altre tipo SABIC che entrano nel mercato occidentale a pieno diritto acquisendo società locali (SABIC ha comprato DSM , olandese , ......ma ne comprano il mercato ....mentre la produzione , la fanno in arabia saudita col loro petrolio e con lavoratori cingalesi , bengalesi.....)

quindi controllano i prezzi..... le altre reggono solo finchè regge il cartello a la rigida spartizione del mercato... ma durerà poco

diverso per quelle - Air Liquide - che trattano specialties , ( farmaceutica , o agroindustria - semi e fitofarmaci - come Monsanto....)

se si trada , dunque , conta poco , ma se si vuole mettere nel cassetto direi di valutare bene....molto bene..."

E' vero e sopratutto di questi tempi dove i fallimenti anche "eccellenti" possono essere all'ordine del giorno..Quindi un consiglio: evitare di farsi ingolosire da quotazioni di bond che quotano molto sotto la parità, perchè (vedi Ineos ad esempio oppure LyondellBasell -in CH11-) spesso anzi sempre c'è davvero la "magagna" sotto.
Ultima modifica:


Forumer storico
LyondellBasell: sulla via del default.

Partendo dal report postato da Lorenzo, che - rammento - è datato aprile 2008, cerco qui di ripercorrere anche il cammino che ha portato questa società petrolchimica assai prossima al default. La controllata USA ha infatti già chiesto il Ch 11, e anche la casa madre olandese sembra in procinto di seguirla fra non molto.

Vediamo di recuperare anche il materiale utile disponibile sul FOL e poi cercheremo insieme con Lorenzo, che porta un importante know how settoriale, di capire come stanno andando le trimestrali sia dei players del comparto più compormessi che di quelli sani.

Sul FOL, il 26 agosto 2008, scrivevo, a commento del taglio del rating di LyondellBasell.

"Il taglio del rating già marcatamente HY di LyondellBasell, uno dei maggiori players globali nel segmento della petrolchimica, da parte di S&P offre l'occasione di fare il punto sul forte rallentamento di questo subcomparto della chimica in particolare, all'interno di un downturn che cmq, secondo le agenzie di rating, coinvolgerà la chimica per intero.

Per certi aspetti, il rallentamento del petrolchimico è già in essere, ma le attese sono per un deciso peggioramento della situazione nel biennio 2009-2010, in conseguenza sia dell'entrata in funzione degli impianti realizzati nel Medio Oriente, e concorrenziali tanto in termini di costi della manodopera quanto di approvvigionamento della materia prima, sia in conseguenza di un previsto rallentamento della domanda asiatica, per effetto del quale aumenterebbero le pressioni ribassiste dei prezzi già comunque attese per il mercato europeo."

Il rating passava allora, per S&P, a B.

Dutch Petrochemicals Producer LyondellBasell Rating Cut To 'B' On Weak Earnings; Outlook Neg

FRANKFURT (Standard & Poor's) Aug. 21, 2008--Standard & Poor's Ratings
Services said today it lowered its long-term corporate credit rating to 'B'
from 'B+' on Netherlands-based petrochemicals producer, LyondellBasell
Industries AF S.C.A., and its subsidiaries Millennium Chemicals Inc., Equistar Chemicals L.P., and Lyondell Chemical Co. This action follows the group's weaker-than-expected earnings for the second quarter of 2008 and a more challenging business outlook for the coming quarters. At the same time, the issue ratings on the debt facilities issued by various group entities were lowered. The outlook is negative.

"The downgrade reflects an increase in financial leverage on LyondellBasell's balance sheet, due primarily to significantly higher raw material costs in the second quarter of 2008 and weakening demand for polymers," said Standard & Poor's credit analyst Tobias Mock.

The outlook for petrochemicals producers has further clouded in recent months with the first signs of slower demand and the resulting overcapacities expected in coming quarters. Moreover, weakening refining margins and a scheduled turnaround of the Houston refinery will reduce earnings prospects for the third quarter of 2008.


L'11 novembre 2008, altro downgrade, da parte stavolta di tutte le agenzie (Fitch si aggiungeva in poche settimane), a partire da Moody's che riduceva il rating da B3 a B1. Sempre sul FOL, ad un forumista che suggeriva uno switch da Ineos, altra società del petrolchimico, a LyondllBasell, rispondevo:

Mi sono liberato delle Ineos circa un anno fa... non ho switch da fare...

Su LyondellBasell il recovery rate ipotizzato da S&P un anno fa sul bond in euro in caso di default è fra 0% e 10%.

Pochi giorni fa è stata assoggettata a downgrade da parte di entrambe le agenzie. Nel caso tornasse utile a qualcuno, riporto l'opinione di Moody's con il recovery stimato sui singoli bond (in parentesi c'è la percentuale di perdita stimata...
) e la situazione della liquidità...

PS: di mio sconsiglio a chiunque non abbia attitudine iperspeculativa di investirci dei soldi....

Moody's downgrades LyondellBasell Corporate Family Rating to B3 from B1; Outlook Negative

London, 14 November 2008 -- Moody's Investors Service has today downgraded the Corporate Family Rating of Lyondell Basell Industries AF SCA ("LBI" or the "company") to B3 from B1.

The ratings on the first lien facilities have been downgraded to B1/ LGD 2(27) and the ratings on the legacy notes of Basell and Lyondell have been downgraded to Caa2, with various LGD rates, as detailed below. LBI has rearranged its USD 8 billion second lien facility into USD 5.5 billion second lien facilities and USD 2.5 billion third lien facility. The new facilities have been rated Caa1/ LGD 5 (73) and Caa2/ LGD 5 (86) respectively.

The outlook on the ratings remains negative.

The rating action takes into account LBI's elevated leverage and the resulting limited financial flexibility, exacerbated by the conditions of the current cyclical downturn and unusually high volatility in feedstock prices.


L'1 dicembre 2008 era Lorenzo a dare notizia del crollo dei prezzi nel comparto petrolchimico...

"Inerente LyondellBasell di cui si è parlato qualche giorno addietro....Come si era detto è una società il cui core business sono le poliolefine .... settore come detto oramai "commodity"...
Quindi un report sulla vendita in netto declino nel pe (è una polioefina)che investe in pieno anche Lyondell

The pace of the dramatic price falls in the European polyethylene (PE) market have begun to ease as buyers begin to look for material, sources agreed on Monday.

Spot low density PE (LDPE) plunged to close to €600/tonne ($759/tonne) FD (free delivered) NWE (northwest Europe) by the end of November, €400/tonne down from the end of October.

The fall was driven by a slump in demand - estimated to be down by around 12% compared with 2007 - oversupply and a morose Asian market, said sources.

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Forumer storico
LyondellBasell: sulla via del default

Il 6 gennaio 2009, era Lorenzo a riportare sul FOL la notizia per cui LyondellBasell si accingeva ad andare in default sull'impossibilità di pagare commissioni bancarie ed interessi sul bridge loan (prestito ponte) di 8 mld $ accordato a Lyondell dalle banche che avevano finanziato la fusione con Basell.

Il pagamento di questi interessi era stato differito rispetto alla scadenza originaria, il 19 dicembre, e poi nuovamente il 29 dicembre...

NEW YORK (Dow Jones)--Investors are still waiting for word on interest and fee payments due Sunday on LyondellBasell Industries' $8 billion bridge loan as the troubled chemicals giant furiously negotiates financing that would allow it to restructure its debt.

Lyondell owes debtholders $160 million in fees related to the bridge loan and $120 million of interest due on that debt, which was used to help finance the leveraged buyout of the giant chemical company a year ago. These payments have already been deferred twice, once on Dec. 19 and again on Dec. 29. Lyondell said in a regulatory filing last week ahead of the Jan. 4 deadline that it was considering bankruptcy protection in the U.S.

One person familiar with the situation said that talks with lenders to line up bankruptcy financing continued over the weekend. This could total as much as $2 billion, the Wall Street Journal reported last week.

Analysts at Societe Generale CIB in London noted, however, that the company has five days to make the interest payment on the loans before defaulting.

Three holders of Lyondell's debt said they hadn't heard anything from the company regarding the payment, indicating the company may have missed the deadline and that the negotiation process has been delayed slightly.

"If the company had made the payment, I would expect to have heard something from it," one of the investors said.

Susan Moore, a spokeswoman for LyondellBasell, didn't return several calls seeking comment.

The debt was put in place to finance Dutch group Basell International Holdings BV's $12.7 billion acquisition of Houston-based Lyondell Chemical Co. in December 2007.

Its lenders, which include Citigroup Inc. (C), Merrill Lynch & Co. (MER) and Goldman Sachs Group Inc. (GS), as well as hedge funds, could face big losses of more than 90% as the firm seeks to restructure its debt.

The company has some $26 billion in debt outstanding.

LyondellBasell, which has large U.S. operations but is based in the Netherlands, has come under pressure over the last year as home and auto sales have fallen sharply, resulting in slumping demand for its products. Earlier in the year, it also felt the pinch of high oil and natural gas prices.

Basell International is a division of Access Industries, owned by Russian-born industrialist Len Blavatnik. New York-based Access hired the law firm of Skadden, Arps, Slate, Meagher & Flom LLP as bankruptcy adviser, the Wall Street Journal reported last week. LyondellBasell has hired New York law firm Cadwalader, Wickersham & Taft LLP as bankruptcy counsel, and has also retained Evercore Partners Inc. as financial adviser, and AlixPartners LLC to assist in the restructuring, the paper said.

In last week's regulatory filing in which the company disclosed it agreed with its lenders to defer the payment of the fees and interest on the bridge facility, LyondellBasell also said it had requested, and was denied, a credit extension on the $750 million revolving credit facility due in June 2009. The revolving credit was provided by an affiliate of Access Industries.

Societe Generale's analysts said it isn't at all surprising that the sponsor withheld funds on the revolver considering a "draw on the entire amount would still not be enough to see the company through the downturn.

"Considering the complexity of the capital structure, the size of the required capital and the speed with which a deal needs to be agreed, a restructuring outside of bankruptcy is unlikely in our view," Societe Generale's analysts wrote in the note.

In the credit default swaps market, where investors make bets on the likelihood of a company defaulting on its debt, the cost of protection on LyondellBasell Industries implies that investors would have to pay $8.75 million upfront plus $500,000 a year to protect $10 million of its bonds against a default for five years, according to CMA DataVision. That's compared with last Wednesday when it cost investors $8 million upfront, according to Markit.

Such high swap levels indicate an extreme level of distress, implying that investors see a very high possibility that LyondellBasell will have to file for bankruptcy. Typically, protection costs of more than $750,000 suggest an increased risk of bankruptcy.

In the cash bond market, the company's euro-denominated 8.375% notes were quoted at between 2% and 5% of face value, according to Standard & Poor's Leveraged Commentary & Data. This means that investors don't expect to get much if anything back on the bonds if the company does default on its debt.

By contrast, Lyondell's dollar- and euro-denominated senior secured loans are trading above 40% of face value. That's because in a restructuring, LyondellBasell's senior secured loans are likely to fare better than debt lower down the capital structure, which includes the company's bonds and bridge facility.

Analysts at CreditSights said that a Chapter 11 filing was the most likely outcome for LyondellBasell. Although the company doesn't have any debt maturities in the near term, it has little wriggle room given the size of its debt and illiquid credit markets.

Fitch Ratings on Friday cut its long- and short-term issuer default ratings on the company to one notch above default after the company's announcement.

Fitch cut its long-term issuer default rating on the company seven notches to C from B- and slashed its short-term rating eight levels to C from B.

Rival ratings agencies Moody's Investors Service and Standard & Poor's Ratings Services cut their ratings on the company earlier last week after it postponed the payments and announced it was considering restructuring its debt obligations


Forumer storico
Ed arrivava il rating D sui bond LyondellBasell della filiale USA, mentre sulla holding casa madre europea il rating passava a "C"

FRANKFURT (Standard & Poor's) Jan. 7, 2009--Standard & Poor's Ratings Services said today it lowered to 'D' from 'CC' its ratings on the three main U.S. subsidiaries of LyondellBasell Industries AF S.C.A., namely Lyondell Chemical Co., Equistar Chemicals L.P., and Millennium Chemicals Inc. This follows the company's decision to file for Chapter 11 bankruptcy protection for these entities on Jan. 6, 2009. All issue ratings of the U.S. subsidiaries have also been cut to 'D'. The long-term issuer credit rating on the European holding company LyondellBasell Industries AF S.C.A. (LyondellBasell) remains at 'SD', indicating a selective default, because we expect the company to continue to serve its senior debt obligations as well as those on as its three European bonds. However, these obligations are now rated 'C' and there is still a high risk that the bonds could lose the majority of their principal in the ongoing debt restructuring process.

LyondellBasell filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court. The bankruptcy filing comes after Lyondell Chemical Co. missed a $160 million fees and $121 million interest payment relating to the bridge loan agreement on Jan. 4, which had already been deferred from Dec. 19, 2008. The group's owner, Access Industries, has declined to allow LyondellBasell to draw down under the €750 million revolving credit line, which was so far undrawn. LyondellBasell's liquidity deteriorated substantially in the fourth quarter, owing to large double-digit declines in volumes sold as well as the company's obligation to reduce its inventory and receivables-based borrowings by about $1.2 billion. In January 2009, payments totaling $850 million are due under these facilities.

This follows a quickly declining borrowing base under its inventory and receivables-based credit facilities because the oil price has declined by about $100 per barrel and key commodity chemical prices by more than 50% since August 2008. The company has already successfully renegotiated with its lenders up to $8 billion for debtor-in-possession (DIP) financing :)D il sorrisino precede il commento di PaoloGorgo), for which Access Industries will provide about $700 million of debt. The DIP financing, which is subject to court approval, will provide an immediate source of funds to continue its operations and enable LyondellBasell to satisfy customary obligations, including amounts owed to trade creditors, suppliers, customers, and employees in the ordinary course of business.

Of this total, $3.25 billion consists of new funding, $3.25 billion represents a refinancing of certain obligations under LyondellBasell's existing senior secured credit facilities, and $1.515 billion represents replacement of existing working capital facilities in the U.S. "We believe that debt restructuring will result in substantial principal losses for non-senior lenders, mainly the second-lien and very likely a majority of senior unsecured bond obligations," said Standard & Poor's credit analyst Tobias Mock. "We will monitor the debt restructuring progress and will assign a new corporate credit rating accordingly, once we have visibility about the future financial structure." The company has adapted its production capacities considerably in recent months, and currently produces only at an estimated 50% of its nameplate capacity.

This, of course, is dramatically reducing its operating profitability and cash flow generation capability. In addition, the petrochemical downturn is not likely to hit its trough until 2010 so that the company is expected to continue to face challenging market conditions for at least another 24 months. We do not expect the dramatic volume decline in the fourth quarter of 2008 to be representative of the underlying demand for plastics over the coming two years and therefore expect a somewhat improving trend in the coming quarters.

However, cheap cost capacities from the Middle East will keep profitability for European and U.S.-based producers very minimal or even loss making as long as the oversupply in the industry exists. The company now expects to achieve EBITDA of about $2.1 billion-$2.3 billion in 2009 and 2010, as indicated in the Lyondell Chemical Co. Chapter 11 filing.


Forumer attivo

mark so che approfitto della tua gentilezza ...nel lavoro fatto da GIONTRA
ottimo lavoro ho trovato un 'obbligazione che sembrerebbe interessante
AKZO NOBEL SVEDEN FIN. ced 7,750 come azienda come la vedi?? mi pare abbastanza solida anche se in un comparto che al momento mi sembra un po' debole il tuo pensiero, ringrazio :bow::bow::bow::bow:


Age quod Agis
Partendo dalla richiesta precedente

Comunque: impianti vecchiotti,accanto a plant nuovissimi con buona volontà di trasformazione e di ricerca: il settore sarà (è) impattato in modo (sopratutto per le produzioni di nicchia ma poi credo che fluiranno giu' giu' verso il basso) ripeto impattato in modo significante dalle nanotecnologie; Penso a d esempio a vernici ad altissime performance; oppure a protettivi particolari sostitutivi di alcuni film utilizzati nelle confezioni alimentari..
E' vero comunque, Azienda solida, in un momento particolare: dipende per esempio dai consumi auto (verniciature), oppure dai rivestimenti e decorativi e tecnici per edilizia oppure rivestimenti particolari anticorrosione.. particolari titpi di protezione per alimentari che come dicevo prima potrebbero mandare in pensione l'uso di alcune poliolefine..E' comunque come si puo' capire un momento veramente particolare in quanto dipende molto dai consumi che i settori di cui sopra (che sono fortemente in crisi).
Notizia del 16 gennaio 2008 (wsj)
privately-owned, US-based company Whitford Worldwide. Financial
details have not been disclosed.
The deal involves AkzoNobel's global cookware and bakeware
activities, which operate out of five sites in the US, China, India,
Brazil and Italy. The transaction is expected to be completed in the
first quarter of 2009.
"Although it is a solid business, our non-stick coatings operation
does not have the scale for it to become a true market leader
globally," explained Leif Darner, AkzoNobel's Board member
responsible for Performance Coatings. "In the hands of new owners,
however, it offers good growth opportunities and we are convinced our
employees are joining an ambitious and successful company run by
capable professionals who we trust to take the business forward."
Added Whitford Worldwide's CEO Dave Willis: "Acquiring AkzoNobel's
non-stick activities gives us access to cutting-edge technology and
expertise which will enable us to significantly expand our portfolio.
It's an excellent business which fits in perfectly with our own
ambitions and growth plans."
Whitford Worldwide manufactures a wide range of non-stick coatings
for consumer applications of all types, including frying pans,
coffee-plate warmers and waffle makers. Founded in 1969, the company
also manufactures coatings for the chemical processing and
petrochemical industries.
AkzoNobel's non-stick coatings business employs around 140 people and
details about how many will be transferred are being discussed.
Unions and employee representative bodies have been informed and
consultations procedures will begin shortly, where applicable.
Regulatory approval will also be sought as and where appropriate.
Note to editors
AkzoNobel is proud to be one of the world's leading industrial
companies. Based in Amsterdam, the Netherlands, we make and supply a
wide range of paints, coatings and specialty chemicals - pro forma
2007 revenue totaled EUR14.4 billion. In fact, we are the largest
global paints and coatings company. As a major producer of specialty
chemicals we supply industries worldwide with quality ingredients for
life's essentials. We think about the future, but act in the present.
We're passionate about introducing new ideas and developing
sustainable answers for our customers. That's why our 60,000
employees - who are based in more than 80 countries -

In data 23/12 postavo:

"Tornando ancora ad AKZO NOBEL ha annunciato che non procederà al riacquisto di proprie azioni:

AkzoNobel has announced the cancellation of the common shares which
the company repurchased under its recent share buyback program.
Under the program, which was announced on March 17, 2008 and
postponed on September 29, AkzoNobel had repurchased an aggregate of
31,746,972 common shares for a total consideration of EUR1.437 billion.
AkzoNobel has now completed the cancellation of all 31,746,972
Following this cancellation, Akzo Nobel has 231,655,551 common shares

Ed in data 20/12:

E sempre Akzo che acquista la maggioranza di Nippon Kavaku (Kavaku Akzo), catalizzatori per la prod di vernici poliesteri.
Una cosina che rende bene.
"AkzoNobel has agreed to acquire a 75/25 majority interest in its
Kayaku Akzo Co. Ltd (KAC) joint venture with Nippon Kayaku.
KAC has been a 50/50 joint venture between the two companies for
nearly 40 years. A leading supplier of organic peroxides to Japan,
the business has sales offices in Tokyo and Osaka, Japan, as well as
a manufacturing and research and development facility in Asa.
"This opportunity allows AkzoNobel to gain access to the Japanese
market and take on the leadership in the longstanding cooperation,"
said Rob Frohn, Board member responsible for AkzoNobel Specialty

Ed in data 26/11 sempre per Akzo Nobel:

Company Information
Akzo Nobel supplies a range of decorative paints, performance coatings and speciality chemicals. ICI’s specialty polymer and regional and industrial activities have become part of specialty chemicals, its packaging coatings operation is under the performance coatings, and its decorative activities is part of the decorative paints unit.

Akzo Nobel states that it has made “significant progress” in transforming the company strategically, operationally and culturally. Its coatings and chemicals businesses are focusing on growth in the emerging markets of Asia, Eastern and Central Europe, and South and Central America through development and acquisitions.
Akzo Nobel | Company Structure Information

Akzo Nobel supplies a range of decorative paints, performance coatings and speciality chemicals. It has headquarters in the Netherlands and currently employs around 60,000 people in more than 80 countries. In 2007, it had sales of around Euro10bn.
Akzo NV was formed in 1969 by the merger of the (Dutch companies) Koninklijke Zout Organon and AKU, and became Akzo Nobel in 1994 after successfully acquiring Nobel Industries.
In January 2008, Akzo Nobel finalised its £8bn ($16bn/Euro11bn) purchase of ICI.
In November 2007, Akzo Nobel completed the sale of Organon BioSciences to Schering-Plough for Euro11bn. The sale was completed after approval was given by the US Federal Trade Commission and the European Commission.
Company movements
In October 2008, Akzo Nobel bought the Enviroline tank linings and corrosion control coatings business from Industrial Environmental Coatings Corp. Financial details of the transaction, which includes goodwill, intellectual property and dedicated employees were not disclosed.

In August 2008, Akzo Nobel agreed to sell its Crown Paints business in the UK and Ireland plus two Belgian brands, completing a series of divestments agreed with the European Commission in relation to its acquisition of ICI.
Crown Paints is to be sold to independent private equity house Endless LLP while the Belgian brands DeKeyn and Linitop will go to French coatings producer Rieu Investissements.

In June 2008, AkzoNobel agreed to sell the decorative paints brands Para and Crown Diamond in Canada to General Paint. The divestments were ordered by the Canadian competition authorities before the company acquired ICI.

In May 2008, Akzo Nobel signed two separate agreements to acquire Levasil, the silica sol business of Germany’s HC Starck group, and two organic peroxide product lines from China’s Jiangsu QiangSheng. No financial details of the deal were disclosed.
Since the purchase of ICI, Akzo Nobel has restructured into three business units:
• Decorative Paints,
• Performance Coatings; and
• Specialty Chemicals.
ICI’s specialty polymer and regional and industrial activities will become part of specialty chemicals; its packaging coatings operation will be under the performance coatings and its decorative activities will be part of the decorative paints unit.
Decorative Paints
This segment includes the acquired decorative activities from ICI.
Performance Coatings
The business group is a producer of paints, finishes, stains and synthetic resins for industrial application, professional painters and the do-it-yourself sector. It is split into the following:
• Industrial finishes;
• Packaging coatings;
• Marine and protective coatings; and
• Car refinishes.
Specialty Chemicals
The business unit is a producer of specialty, functional and commodity chemicals. It is organised into the following five growth platforms:
• Pulp and paper chemicals;
• Base chemicals;
• Functional chemicals (including Elotex from ICI);
• Surface Chemistry (includes ICI’s Alco and Personal Care);
• Polymer chemicals; and
• Chemicals Pakistan.
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Forumer storico
mark so che approfitto della tua gentilezza ...nel lavoro fatto da GIONTRA
ottimo lavoro ho trovato un 'obbligazione che sembrerebbe interessante
AKZO NOBEL SVEDEN FIN. ced 7,750 come azienda come la vedi?? mi pare abbastanza solida anche se in un comparto che al momento mi sembra un po' debole il tuo pensiero, ringrazio :bow::bow::bow::bow:

Lorenzo ha fatto una bella sintesi del cd. business profile... ;) la chimica è tutta abbastanza ciclica (salvo un paio di sottocomparti), nel senso che soffre non poco in periodi di recessione.

Sul bond che indichi tu, e che aveva catturato anche la mia attenzione, mi ero messo da parte i commenti delle agenzie di rating. In queste circostanze di solito le agenzie focalizzano sulle caratteristiche dell'emittente in quel momento, oltre ad indicare in sintesi quelle dell'emissione.

E si apprendono una serie di cosette interessanti, fra le quali la presenza di una posizione di supporto al rating, in termini di liquidità disponibile, decisamente robusta o l'intenzione di Akzo Nobel di adottare politiche conservative nella gestione del proprio profilo creditizio, mirate alla conservazione del rating attuale (e dunque, ad es. non hanno in corso strategie di espansione da attuare al costo di uno scadimento del rating).

In un'ottica di diversificazione, direi che in un portafoglio di corporate di buona qualità qualcosa di questo emittente si può prendere, sebbene il segmento in cui opera non sia particolarmente difensivo.

Tieni conto dell'importanza del distribuire un po' il portafoglio, guardando alla scadenza dei vari bond che si vuole acquistare, fra bond lunghi, medi e corti per il tasso fisso, oltre che fra tasso fisso e tasso variabile.

Moody's assigns A3 rating to Akzo Nobel notes, outlook is negative

London, 04 December 2008 -- Moody's Investors Service has today assigned an A3 rating to the senior unsecured guaranteed notes to be issued by Akzo Nobel Sweden Finance AB, a wholly owned subsidiary of Akzo Nobel NV. The notes are to be guaranteed on an unconditional and irrevocable basis by Akzo Nobel NV. The outlook on the rating is negative.

The proposed notes will refinance several bonds that mature over the next six months. Moody's notes the strong liquidity position of the company, supported by its ample EUR 1.64 billion cash balances at the end of the third quarter of 2008 and availability under its EUR 1.5 billion 2013 multicurrency revolving credit facility, which was partially drawn during the fourth quarter to bridge the refinancing of the maturing bonds. The proposed placement will therefore be supportive to the satisfactory liquidity position of the group.

Moody's notes that the company has postponed the disposal of the specialty starch operations that was originally expected in 2008 and supported the target metrics (with RCF/ND above 30%). The rating agency however recognizes that the group is managing its credit profile and metrics to the levels appropriate for the A3 rating in line with its commitment to pursue conservative financial policies which are fundamental underpinnings to Moody's assigned ratings.

Moody's last took a rating action on Akzo Nobel on 5 September 2008, when the rating agency affirmed the A3 senior unsecured rating of Akzo Nobel N.V. ("Akzo") and its guaranteed subsidiaries and affirmed Akzo's Prime-2 short term rating. Please refer to the press release published by Moody's on that date.

For the assignment of this rating, Moody's has used its methodology for the Global Chemical Industry, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Akzo Nobel NV, headquartered in Amsterdam, the Netherlands, reported pro-forma revenues of EUR 14.4 billion in fiscal year 2007. Following the disposal of its pharmaceutical business in 2007 and the subsequent acquisition of ICI, Akzo Nobel NV is a world-leading industrial company exclusively dedicated to coatings and specialty chemicals


Age quod Agis
Proseguo con la storia pregressa:

23/07/2007 I98MARK scriveva:

Rhodia's cash tender offer for any and all of its $420,875,000
outstanding 10-1/4% Senior Notes due 2010 will expire on March 1,
2007, at midnight, New York time.

Rhodia has received valid offers to tender $413,812,000 in
principal amount of Notes. This represents 98.3% of current
outstandings. Rhodia has therefore passed the voting thresholds
required to facilitate the Proposed Amendments.

Holders who timely tendered their Notes received the Total
Consideration of $1,150.99 (per $1,000 principal amount), plus
accrued interest on Feb. 16. Holders who tender their Notes after
Feb. 15 will be eligible to receive $1,120.99 (per $1,000
principal amount) plus accrued interest on March 2, 2007.

The tender offer and the consent solicitation are being made
pursuant to an Offer to Purchase and Consent Solicitation
Statement dated February 1, 2007, and conducted electronically via
the Depositary Trust Company.

Rhodia SA (NYSE: RHA) -- http://www.rhodia.com/ -- is a global
specialty chemicals company partnering with major players in the
automotive, electronics, pharmaceuticals, agrochemicals, consumer
care, tires, and paints and coatings markets. Rhodia offers
tailor-made solutions combining original molecules and
technologies to respond to customers' needs. Rhodia employs
around 19,500 people worldwide. Rhodia is listed on Euronext
Paris and the New York Stock Exchange.

* * *

Rhodia SA's 7-5/8% Senior Notes due June 1, 2010, carry Standard &
Poor's Ratings Services' B- rating, Moody's Investors Service's B2
rating, and Fitch Ratings' B+ rating.

At June 30, 2006, the company reported total assets of
EUR4.983 billion and total debts of EUR5.431 billion, resulting in
a stockholders' deficit of EUR448 million.

Ed in data 12/03/2007 sempre I98MARK:
RHODIA SA: Fitch Hikes IDR to BB- on Improved Credit Performance
Fitch Ratings has upgraded the Issuer Default rating of France's
chemicals producer Rhodia SA to 'BB-' from 'B+'; the EUR300
million revolving credit facility rating to 'BB+' from 'BB'; the
senior notes due 2010 and 2013 rating to 'BB-' from 'B+'; and
the senior subordinated notes due 2011 rating to 'B' from 'B-'.
The Outlook on the IDR is Stable.

"The IDR upgrade to 'BB-' reflects Rhodia's improved credit
metrics as a result of successfully streamlining the business by
selling non-core assets and restructuring underperforming
businesses", says Claudiu Filionescu, associate director in
Fitch's Leveraged Finance team. These measures have translated
into considerably improved EBITDA levels. This, in combination
with recent debt prepayments, is expected to result in improved
coverage ratios.

Rhodia has established a solid track record on delivering on its
re-structuring and financial targets. Fitch expects the company
to broadly meet its guidance for 2007, including further
improvements in cash generation.

Fitch anticipates that Rhodia will not embark on aggressive
acquisitions and that no significant shift in its financial
policy will occur.

Alongside other major French electricity consumers, Rhodia has
entered into an electricity JV on favorable terms. This should
minimize the impact on profitability related to the end of the
long-term electricity contracts due to expire in 2007.

The recent downward volatility in the price of carbon emission
credits does not materially affect Rhodia's credit profile.
While the existence of CERs represents a potential positive
factor, due to their size and inherent volatility Fitch
continues to remain cautious regarding their monetization and
subsequent impact on the credit profile.

Rhodia's reported EBITDA margin at the end of Fiscal-Year 2006
was 14.2%, an improvement on 11.3% at the end of 2005 on a like
for like basis, and comparing adequately with the company's
chemical sector peers. This is a continuation of the positive
trend observed in Rhodia's operating performance during the past
two years. Historically, weak cash conversion has kept cash
coverage ratios at low levels, which constrained the ratings.
As at the end of Fiscal-Year 2006, funds from operations/net
interest expense was in excess of 2x and the operating
EBITDAR/net interest expense was in excess of 3x. The coverage
ratios are expected to further improve above 3x and 4.5x
respectively by the end of Fiscal-Year 2007.

Rhodia's capital structure and leverage profile compare well to
its Chemicals peers. The net debt-to-adjusted EBITDA at the end
of 2006 was 2.9x before accounting for the cash inflow resulting
from the sales of the Silicones business and 2.4x after
accounting for the cash inflow. This compares to 3.5x at FYE05.

At the end of Fiscal-Year 2006 Rhodia had total debt of EUR2.4
billion, of which approximately EUR1.4 billion represented
senior notes and EUR467 million were senior subordinated notes.
Approximately EUR320 million/US$415 million of senior notes are
in the process of being prepaid. Cash and liquid assets on
balance sheet was EUR486 million. In Fitch's view, the moderate
debt repayment schedule until 2011, the starting cash position,
the anticipated continued rolling-over of the securitization
program, and the revolving credit facility constitute sufficient
liquidity in the short to medium term.

The 'BB+' rating on the senior secured revolving credit facility
reflects the superior recovery prospects for this instrument
upon default based on its ranking, security package and low
senior leverage. This translates into a substantial buffer
underneath provided by subordinated debt and equity value.

The 'BB-' rating on the senior notes reflects their unsecured
status, structural subordination to the claims of creditors of
subsidiaries and contractual subordination to the revolving
credit facility lenders. The 'B' rating on the senior
subordinated notes reflects their structural or contractual
subordination to all remaining debt and to all creditors of

Rhodia is a diversified chemicals company based in France, which
achieved net sales of EUR4.8 billion in Fiscal-Year 2006. Its
products are sold in a broad spectrum of consumer and industrial
markets, including cosmetics, detergents, pharmaceuticals,
automotive, electronics, agrochemicals, and construction

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