Massimo S.
Nuovo forumer
Se a qualcuno interessa, ecco l'Investor Conference Call fresca fresca di giornata 
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Obbligazioni societarie Monitor bond Chimica Europa
- Creatore Discussione lorenzo63
- Data di Inizio
Imark
Forumer storico
Rhodia invece traballa un po' per la debolezza del profilo di business, esposta com'è al settore della petrolchimica il cui contesto competitivo, già previsto in deterioramento per l'entrata in produzione degli impianti del Medio Oriente, subisce un ulteriore colpo dal crollo dei volumi dei vendita dovuti alla crisi ed al destocking da parte delle aziende produttrici clienti di Rhodia.
Anche il business della cessione delle quote di CO2 dovrebbe avere un andamento meso sostenuto e profittevole che in passato.
Rhodia è tuttavia sostenuta da una certe stabilità sul piano della metrica finanziaria: il leverage è contenuto, il debito ha scadenze a partire dal 2013, la liquidità disponibile appare adeguata a fronteggiare le esigenze di breve termine.
Fitch Affirms Rhodia at 'BB-'; Outlook Changed to Negative
03 Mar 2009 12:03 PM (EST)
Fitch Ratings-Paris/London/Frankfurt-03 March 2009: Fitch Ratings has today affirmed France-based chemicals company Rhodia SA's (Rhodia) Long-term Issuer Default rating (IDR) at 'BB-' (BB minus) and simultaneously revised the Outlook on the Long-term IDR to Negative from Positive. At the same time, the agency has affirmed the company's Senior notes and Convertible bonds at 'BB-'(BB minus).
The revision of the outlook to Negative from Positive reflects Fitch's expectation that the sharp downturn in the global economy will negatively impact Rhodia's earnings and cash flow generation in 2009, which is likely to put downward pressure on ratings.
Despite management's declared priority on improving free cash flow generation, which includes capacity and general cost reduction measures as well as the discontinuation of the group's dividend policy in 2009, Fitch is concerned as to whether the group will be able to deal with the experienced drop in demand for its products since Q408.
The company's ratings could face downward pressure in the event of 2009 financial metrics being substantially weaker than current ratios, especially in relation to cash flow cover. Conversely, Fitch would consider stabilising the ratings if Rhodia succeeded to generate positive free cash flow and maintain reasonable headroom under its financial covenants.
Rhodia's diversified business profile mitigated the impact from the worsening economic conditions in Q408 which saw the group suffer from a volume decrease at its divisions Polyamide (-31%) and Silcea (-23%) driven by the exposure to auto, electronics, housing and textile end markets.
This was partly offset by increased profit generation at Rhodia's four other divisions - Novecare, Acetow, Eco Services and in particular its Energy services division which trades the group's generated Carbon Emission Rights (CER).
While 55% of Rhodia's expected production in 2009 is hedged at EUR15.5 per ton, Fitch notes the historic price volatility of CERs and questions the division's demand sustainability and future level of revenue contribution given expected lower CO2 emission during the current economic downturn.
Rhodia's financial profile is characterised by a back-ended maturity profile, moderate leverage and good liquidity.
At FYE08 Rhodia had total debt of EUR1.8bn, of which EUR1,048m are senior floating rate notes due in 2013 and EUR509m convertible bonds due in 2014. Net leverage was 2x and liquidity comprised of cash and liquid assets on balance sheet of EUR520m as well as 90% available under a EUR600m revolving credit facility.
Rhodia is a diversified chemicals company based in France, which achieved net sales of approximately EUR4.8bn in 2008 and a recurring EBITDA of EUR664m.
Its products are sold to a broad spectrum of consumer and industrial markets including automotive, electronics, flavours and fragrances, health, personal and home care markets and consumer goods. Rhodia employs around 14,500 people worldwide and is listed on the Euronext Paris.
Anche il business della cessione delle quote di CO2 dovrebbe avere un andamento meso sostenuto e profittevole che in passato.
Rhodia è tuttavia sostenuta da una certe stabilità sul piano della metrica finanziaria: il leverage è contenuto, il debito ha scadenze a partire dal 2013, la liquidità disponibile appare adeguata a fronteggiare le esigenze di breve termine.
Fitch Affirms Rhodia at 'BB-'; Outlook Changed to Negative
03 Mar 2009 12:03 PM (EST)
Fitch Ratings-Paris/London/Frankfurt-03 March 2009: Fitch Ratings has today affirmed France-based chemicals company Rhodia SA's (Rhodia) Long-term Issuer Default rating (IDR) at 'BB-' (BB minus) and simultaneously revised the Outlook on the Long-term IDR to Negative from Positive. At the same time, the agency has affirmed the company's Senior notes and Convertible bonds at 'BB-'(BB minus).
The revision of the outlook to Negative from Positive reflects Fitch's expectation that the sharp downturn in the global economy will negatively impact Rhodia's earnings and cash flow generation in 2009, which is likely to put downward pressure on ratings.
Despite management's declared priority on improving free cash flow generation, which includes capacity and general cost reduction measures as well as the discontinuation of the group's dividend policy in 2009, Fitch is concerned as to whether the group will be able to deal with the experienced drop in demand for its products since Q408.
The company's ratings could face downward pressure in the event of 2009 financial metrics being substantially weaker than current ratios, especially in relation to cash flow cover. Conversely, Fitch would consider stabilising the ratings if Rhodia succeeded to generate positive free cash flow and maintain reasonable headroom under its financial covenants.
Rhodia's diversified business profile mitigated the impact from the worsening economic conditions in Q408 which saw the group suffer from a volume decrease at its divisions Polyamide (-31%) and Silcea (-23%) driven by the exposure to auto, electronics, housing and textile end markets.
This was partly offset by increased profit generation at Rhodia's four other divisions - Novecare, Acetow, Eco Services and in particular its Energy services division which trades the group's generated Carbon Emission Rights (CER).
While 55% of Rhodia's expected production in 2009 is hedged at EUR15.5 per ton, Fitch notes the historic price volatility of CERs and questions the division's demand sustainability and future level of revenue contribution given expected lower CO2 emission during the current economic downturn.
Rhodia's financial profile is characterised by a back-ended maturity profile, moderate leverage and good liquidity.
At FYE08 Rhodia had total debt of EUR1.8bn, of which EUR1,048m are senior floating rate notes due in 2013 and EUR509m convertible bonds due in 2014. Net leverage was 2x and liquidity comprised of cash and liquid assets on balance sheet of EUR520m as well as 90% available under a EUR600m revolving credit facility.
Rhodia is a diversified chemicals company based in France, which achieved net sales of approximately EUR4.8bn in 2008 and a recurring EBITDA of EUR664m.
Its products are sold to a broad spectrum of consumer and industrial markets including automotive, electronics, flavours and fragrances, health, personal and home care markets and consumer goods. Rhodia employs around 14,500 people worldwide and is listed on the Euronext Paris.
lorenzo63
Age quod Agis
Minerals Technologies Raised To Buy From Neutral By Sidoti >MTX
No. nn è una società che oserviamo qui su IO.
E' una news che riporto perchè questi fanno cariche minerali particolari che sono utilizzate in farmaceutica, nelle materie plastiche, nelle vernici e nei coating in generale.
Sono prodotti che servono diversi settori ergo: si sta muovendo qualcosa?? I calcioni che stanno cominciano a far muovere qualche sassolino?
No. nn è una società che oserviamo qui su IO.
E' una news che riporto perchè questi fanno cariche minerali particolari che sono utilizzate in farmaceutica, nelle materie plastiche, nelle vernici e nei coating in generale.
Sono prodotti che servono diversi settori ergo: si sta muovendo qualcosa?? I calcioni che stanno cominciano a far muovere qualche sassolino?
Imark
Forumer storico
Per brokers e banche di affari, un upgrade a Buy di un titolo azionario vuol dire il più delle volte che si accingono a venderlo ... fossi in te, eviterei di dargli il minimo rilievo, trattandosi di valutazioni che hanno un solo intento: muovere il trading azionario...
lorenzo63
Age quod Agis
Per brokers e banche di affari, un upgrade a Buy di un titolo azionario vuol dire il più delle volte che si accingono a venderlo ... fossi in te, eviterei di dargli il minimo rilievo, trattandosi di valutazioni che hanno un solo intento: muovere il trading azionario...
Si, possibile. Pensare che ne avevamo parlato nel 3ad degli acciai...in toni +/- similari...Mutande di ghisa, sempre.
lorenzo63
Age quod Agis
Ancora su DSM
Riprendendo ed a margine di quanto esposto nel newsflow dal nostro Egregio MODD) (un giorno o l' altro mi menano...
) sono a segnalare il pieno successo di una emissione medio - lungo termine di DSM di 500mioni di euro cedola 5.75% scadenza 2014; il book degli ordini è stato di 2.4 billion di euro..
RELEASE: DSM Successfully Issues Long-Term EUR 500 Mln BondRoyal DSM N.V., the global Life Sciences and Materials Sciences
company headquartered in The Netherlands, has successfully issued a
EUR 500 million 5.75% bond due 2014.
The high demand from investors exceeded the companies' optimistic
expectation. The order book had an exceptional high quality and
totaled over EUR 2.4 billion and was closed early.
The proceeds will be used to refinance loans maturing in 2009 as well
as to convert a substantial part of DSM's short term funding position
into a long-term position, as this fits within DSM's conservative
financial policy. Furthermore, it provides the company with
sufficient financial flexibility, which is important in the current
financial climate. Until 2013, when a loan of USD 150 million
matures, DSM has no long-term refinancing needs.
The terms are laid down in the EUR 2.5 billion Debt Issuance Program
of Royal DSM N.V., the final terms and the supplements thereto, which
are available on the Investor Relations website.
The issue price was 99.240%. Based on this price the yield is 5.930%.
The bond is listed on Euronext Amsterdam as of today.
This release does not constitute an offer or an invitation to
subscribe for or purchase any securities. The notes are being offered
only by means of a prospectus.
DSM - the Life Sciences and Materials Sciences Company
Royal DSM N.V. creates innovative products and services in Life
Sciences and Materials Sciences that contribute to the quality of
life. DSM's products and services are used globally in a wide range
of markets and applications, supporting a healthier, more sustainable
and more enjoyable way of life. End markets include human and animal
nutrition and health, personal care, pharmaceuticals, automotive,
coatings and paint, electrical and electronics, life protection and
housing. DSM has annual net sales of EUR 9.3 billion and employs some
23,500 people worldwide. The company is headquartered in the
Netherlands, with locations on five continents. DSM is listed on
Euronext Amsterdam. More information: www.dsm.com
For more information:
DSM Corporate Communications
Anche Moody's come già S&P conserva il rating dell'olandese DSM in virtù dei risultati delle divisioni farmaceutica e nutrizione.
Alla consistenza dei flussi di cassa a copertura del debito si affiancano scelte di politica finanziaria che, per quanto non del tutto conservative in anni passati, hanno comunque portato ad un leverage 2008 piuttosto contenuto (1,7x) e sono state recentemente invertite in termini favorevoli alla conservazione di flussi di free cash flow consistenti attraverso il varo di un programma di contenimento dei costi e di riduzione degli investimenti.
Buoni i livelli di liquidità in presenza, oltre che di cash consistente, di facilities bancarie prive di condizioni con scadenza 2012 e 2013 per importi significativi, a fronte di debito in scadenza 2009 per ammontari contenuti.
[FONT=verdana,arial,helvetica]Moody's affirms DSM A3 ratings. Outlook is stable.[/FONT]
[FONT=verdana,arial,helvetica]London, 26 February 2009 -- Moody's Investors Service has today affirmed the A3 / P-2 senior unsecured issuer and debt ratings of Royal DSM N.V. (DSM). The outlook for all ratings is stable. [/FONT]
[FONT=verdana,arial,helvetica]The A3 rating of DSM continues to reflect the company's significant size and diversity, leading market positions in the nutrition and material science segments and the conservative financial policy. Moody's views positively the group's ongoing efforts to shift its business profile towards the Life Sciences and Material Sciences industries. In the current credit environment, however, Moody's expects that DSM's efforts to execute on planned divestiture of Base Chemicals is likely to take longer than originally anticipated. [/FONT]
[FONT=verdana,arial,helvetica]Notwithstanding the severe trading conditions in the last quarter of 2008 in the DSM businesses supplying automotive and building and construction industries, the financial performance of the group was supported by sustained strength in the performance of DSM's Nutrition (particularly vitamins) and Pharma businesses resulting in financial metrics sustained in line with the previous A3 guidance. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]At the end of 2008, DSM reported solid cash flow coverage of debt with RCF/Net Debt at 40% and FCF/Net Debt at 5%. The company's leverage calculated on adjusted basis has increased to 1.7 times reflecting last year's expansion in CAPEX, some bolt-on acquisitions, as well as implementation of EUR 250 million purchases under the EUR 750 million share buy-back programme, with the remainder of the programme cancelled in 2008. [/FONT]
[FONT=verdana,arial,helvetica]In light of limited visibility with respect to the outlook, Moody's analysis continues to focus on the ability of the company to continue generating solid cash flow and debt service coverage ratios. The stable outlook on the ratings is supported by the expectation of resilience in the Nutrition business that should help mitigate the effects of continuous slow down in the Performance, Intermediates and some Basic Chemicals. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]Moody's also notes that the company has substantial scope to reduce costs to support its profitability, in particular external costs that increased in 2008 by 16%, as well as downsize its investment spending to support the FCF generation and strong cash balances in the downturn period. The rating agency expects management to maintain its conservative financial policies going forward in line with its stated objective to safeguard DSM's single A category credit rating. [/FONT]
[FONT=verdana,arial,helvetica]DSM continues to manage proactively its liquidity position and refinancing. The company's early decision in the fourth quarter of 2008 to prioritize cash generation through plant closures and curtailing of new investments was further supportive to maintaining the solid liquidity profile. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]At the end of 2008, DSM reported substantial cash balances at EUR 601 million and had further EUR 900 million in availability under its EUR 400 million stand-by facility (maturing in 2013) and a EUR 500 million revolving credit facility (maturing in 2012). Neither of the facilities contains any restrictive language (such as a MAC clause as a repeating representation on each drawing or as an event of default) or financial covenants. DSM faces limited maturities in 2009, including USD 250 million bond (maturing in May 2009) and approximately EUR 359 million maturing under its CP programs. [/FONT]
[FONT=verdana,arial,helvetica]Moody's last rating action on DSM was on 27 September 2007 when the rating agency lowered the company's ratings by one notch to A3/P-2. [/FONT]
[FONT=verdana,arial,helvetica]Headquartered in Heerlen, The Netherlands, Royal DSM N.V. (DSM) is a leading Life Sciences and Material Sciences group with consolidated sales of EUR 9.4 billion in 2008 (EUR 8.9 billion in 2007). [/FONT]
Riprendendo ed a margine di quanto esposto nel newsflow dal nostro Egregio MOD
D) (un giorno o l' altro mi menano... ) sono a segnalare il pieno successo di una emissione medio - lungo termine di DSM di 500mioni di euro cedola 5.75% scadenza 2014; il book degli ordini è stato di 2.4 billion di euro..RELEASE: DSM Successfully Issues Long-Term EUR 500 Mln BondRoyal DSM N.V., the global Life Sciences and Materials Sciences
company headquartered in The Netherlands, has successfully issued a
EUR 500 million 5.75% bond due 2014.
The high demand from investors exceeded the companies' optimistic
expectation. The order book had an exceptional high quality and
totaled over EUR 2.4 billion and was closed early.
The proceeds will be used to refinance loans maturing in 2009 as well
as to convert a substantial part of DSM's short term funding position
into a long-term position, as this fits within DSM's conservative
financial policy. Furthermore, it provides the company with
sufficient financial flexibility, which is important in the current
financial climate. Until 2013, when a loan of USD 150 million
matures, DSM has no long-term refinancing needs.
The terms are laid down in the EUR 2.5 billion Debt Issuance Program
of Royal DSM N.V., the final terms and the supplements thereto, which
are available on the Investor Relations website.
The issue price was 99.240%. Based on this price the yield is 5.930%.
The bond is listed on Euronext Amsterdam as of today.
This release does not constitute an offer or an invitation to
subscribe for or purchase any securities. The notes are being offered
only by means of a prospectus.
DSM - the Life Sciences and Materials Sciences Company
Royal DSM N.V. creates innovative products and services in Life
Sciences and Materials Sciences that contribute to the quality of
life. DSM's products and services are used globally in a wide range
of markets and applications, supporting a healthier, more sustainable
and more enjoyable way of life. End markets include human and animal
nutrition and health, personal care, pharmaceuticals, automotive,
coatings and paint, electrical and electronics, life protection and
housing. DSM has annual net sales of EUR 9.3 billion and employs some
23,500 people worldwide. The company is headquartered in the
Netherlands, with locations on five continents. DSM is listed on
Euronext Amsterdam. More information: www.dsm.com
For more information:
DSM Corporate Communications
lorenzo63
Age quod Agis
Basf
Questa news ha a che fare con il successo che stanno avendo società che hanno a che fare con l' agricoltura...
Si parla della linea di produzione di BASF che si occupa di prodotti tipo i fungicidi ed erbicidi (protezione delle colture) e segnala inoltre quanto speso dal loro R&D departemnt. (9.5% delle vendite) per lo sviluppo di nuovi prodotti; e la domanda è in crescita.
FRANKFURT (Dow Jones)--German chemicals company BASF SE (BAS.XE) said Tuesday that the value of the company's crop protection pipeline has increased to EUR2.1 billion from EUR1.8 billion a year ago.
This year's innovation highlights include two fungicides, one herbicide and two herbicide tolerance projects.
Last year the division also spent EUR325 million - the equivalent of 9.5% of sales - on research and development of new products.
Peak sales potential of F 500 has increased to EUR700 million from EUR500 million.
Boscalid's peak sales potential is up to EUR250 million from EUR200 million last year.
To meet growing demand, BASF is increasing the production capacity for these two active ingredients.
This year, products with our new blockbuster herbicide Kixor will hit the market in the United States, as well as several countries in Latin America. With its excellent performance against hard-to-control weeds in important crops, this active ingredient has annual sales potential exceeding EUR100 million. Kixor is expected to take on a major role in combating weeds that are resistant to glyphosate.
Two herbicide tolerant cropping solutions are also making good progress. After successful field trials, our herbicide tolerance solution for farmers in Latin America has been submitted for registration in Brazil. In addition, BASF scientists are developing new dicamba formulations for next generation two-trait herbicide tolerant seeds.
Questa news ha a che fare con il successo che stanno avendo società che hanno a che fare con l' agricoltura...
Si parla della linea di produzione di BASF che si occupa di prodotti tipo i fungicidi ed erbicidi (protezione delle colture) e segnala inoltre quanto speso dal loro R&D departemnt. (9.5% delle vendite) per lo sviluppo di nuovi prodotti; e la domanda è in crescita.
FRANKFURT (Dow Jones)--German chemicals company BASF SE (BAS.XE) said Tuesday that the value of the company's crop protection pipeline has increased to EUR2.1 billion from EUR1.8 billion a year ago.
This year's innovation highlights include two fungicides, one herbicide and two herbicide tolerance projects.
Last year the division also spent EUR325 million - the equivalent of 9.5% of sales - on research and development of new products.
Peak sales potential of F 500 has increased to EUR700 million from EUR500 million.
Boscalid's peak sales potential is up to EUR250 million from EUR200 million last year.
To meet growing demand, BASF is increasing the production capacity for these two active ingredients.
This year, products with our new blockbuster herbicide Kixor will hit the market in the United States, as well as several countries in Latin America. With its excellent performance against hard-to-control weeds in important crops, this active ingredient has annual sales potential exceeding EUR100 million. Kixor is expected to take on a major role in combating weeds that are resistant to glyphosate.
Two herbicide tolerant cropping solutions are also making good progress. After successful field trials, our herbicide tolerance solution for farmers in Latin America has been submitted for registration in Brazil. In addition, BASF scientists are developing new dicamba formulations for next generation two-trait herbicide tolerant seeds.
Imark
Forumer storico
Nel mentre, fra i fallen angels si aggiunge nella chimica Clariant, che viene dwngradato da Moody's... La società non ha le disponibilità di cassa necessarie per ristrutturarsi ed incrementare la marginalità operativa secondo i propri programmi.
Il leverage non è esorbitante neanche per il rating (3x circa), il debito ha scadenze non vicinissime, per cui non ci sono esigenze di rifinanziamento fino al 2011, la liquidità disponibile, al netto di quanto occorrerebbe per le esigenze di ristrutturazione, sufficiente per il resto alla operatività ordinaria.
Moody's downgrades Clariant to Ba1, outlook is stable.
London, 03 March 2009 -- Moody's Investors Service has today downgraded ratings of Clariant AG by one notch to Ba1 given its reduced cash flow expectations at the time when the company faces the need to fund additional restructuring measures necessary to improve its profitability. Moody's assigned a corporate family rating at Ba1 and withdrew the issuer rating. The outlook is stable.
The Ba1 rating reflects Moody's assessment of the current profitability trends for the key segments of the company's portfolio in view of the company's stated goal of improving its margins to achieve the average return on capital reported by its chemicals peer group, as well as with reference to its cost of capital.
The rating agency views positively the recently detailed restructuring measures that focus on the improvement in cash flow generation (through the renewed focus on the reduction in working capital requirements), a substantial reduction in personnel costs, as well as a further decrease in the complexity of the operations.
Moody's notes, however, that the company maintains its resolve to fund such restructuring through the internally generated cash flow that, in Moody's opinion, will depend on a timely recovery in the operating performance and profitability in the second half of the year.
Therefore the Ba1 provides some headroom for volatility in profitability in light of limited visibility and timing of a potential recovery.
Moody's also notes that at the end of 2008, Clariant enjoyed a relatively strong balance sheet with year end leverage reported close to 3 times on a fully adjusted net debt basis.
Against the backdrop of the slowing economy in 2009, Moody's expects some weakening in the leverage metrics to reflect deterioration in trading activity and cash flow generation that affected the company's 2008 results only to a limited extend, as well as potential need to cover additional restructuring costs.
The stable outlook on the Ba1 ratings reflects headroom at this level to accommodate some weakening in the operating performance over the medium term, as well as its potential impact on the availability of liquidity looking forward.
Clariant's liquidity position is supported by CHF 270 million in unrestricted cash balances at the end of 2008 as well as CHF 750 million WC facility (that has one financial covenant).
In 2008, the company has refinanced its maturities and has limited refinancing needs until 2011. The Ba1 / LGD4 (50) ratings on the company's 2012 and 2013 notes remain at the level of the corporate family rating, while Moody's notes that Clariant maintains some CHF 268 m in senior unsecured loans raised by its subsidiaries to fund local operations.
Moody's last rating action on Clariant was on 30 January 2009 when the rating agency placed the ratings of the company under review for possible downgrade.
Headquartered in Muttenz, Switzerland, Clariant AG is a leading international specialty chemicals group. In the fiscal year ended in December 2008, Clariant reported net revenues of CHF 8.1 billion.
Il leverage non è esorbitante neanche per il rating (3x circa), il debito ha scadenze non vicinissime, per cui non ci sono esigenze di rifinanziamento fino al 2011, la liquidità disponibile, al netto di quanto occorrerebbe per le esigenze di ristrutturazione, sufficiente per il resto alla operatività ordinaria.
Moody's downgrades Clariant to Ba1, outlook is stable.
London, 03 March 2009 -- Moody's Investors Service has today downgraded ratings of Clariant AG by one notch to Ba1 given its reduced cash flow expectations at the time when the company faces the need to fund additional restructuring measures necessary to improve its profitability. Moody's assigned a corporate family rating at Ba1 and withdrew the issuer rating. The outlook is stable.
The Ba1 rating reflects Moody's assessment of the current profitability trends for the key segments of the company's portfolio in view of the company's stated goal of improving its margins to achieve the average return on capital reported by its chemicals peer group, as well as with reference to its cost of capital.
The rating agency views positively the recently detailed restructuring measures that focus on the improvement in cash flow generation (through the renewed focus on the reduction in working capital requirements), a substantial reduction in personnel costs, as well as a further decrease in the complexity of the operations.
Moody's notes, however, that the company maintains its resolve to fund such restructuring through the internally generated cash flow that, in Moody's opinion, will depend on a timely recovery in the operating performance and profitability in the second half of the year.
Therefore the Ba1 provides some headroom for volatility in profitability in light of limited visibility and timing of a potential recovery.
Moody's also notes that at the end of 2008, Clariant enjoyed a relatively strong balance sheet with year end leverage reported close to 3 times on a fully adjusted net debt basis.
Against the backdrop of the slowing economy in 2009, Moody's expects some weakening in the leverage metrics to reflect deterioration in trading activity and cash flow generation that affected the company's 2008 results only to a limited extend, as well as potential need to cover additional restructuring costs.
The stable outlook on the Ba1 ratings reflects headroom at this level to accommodate some weakening in the operating performance over the medium term, as well as its potential impact on the availability of liquidity looking forward.
Clariant's liquidity position is supported by CHF 270 million in unrestricted cash balances at the end of 2008 as well as CHF 750 million WC facility (that has one financial covenant).
In 2008, the company has refinanced its maturities and has limited refinancing needs until 2011. The Ba1 / LGD4 (50) ratings on the company's 2012 and 2013 notes remain at the level of the corporate family rating, while Moody's notes that Clariant maintains some CHF 268 m in senior unsecured loans raised by its subsidiaries to fund local operations.
Moody's last rating action on Clariant was on 30 January 2009 when the rating agency placed the ratings of the company under review for possible downgrade.
Headquartered in Muttenz, Switzerland, Clariant AG is a leading international specialty chemicals group. In the fiscal year ended in December 2008, Clariant reported net revenues of CHF 8.1 billion.
lorenzo63
Age quod Agis
Sì, beh è logico: se pensiamo che buona parte delle sue activities sono rivolte ai masterbatches (cariche per pigmentare e/o addittivare le materie plastiche) le quali sono in profondo rosso...per i noti motivi che hanno a che fare con a) la caduta verticale dell'auto, b) degli elettrodomestici, il resto, evidentemente, è solo pura deduzione.
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