Obbligazioni societarie Monitor bond Chimica Europa

[Imark]

Ed eccolo in dettaglio il commento al ritiro dei rating su Ciba ed alla loro contestuale sostituzione con quelli di BASF. Ciò è dovuto al consolidamento del debito di Ciba nel bilancio di BASF (ed alla conseguente circostanza, già menzionata in precedenza, per cui il rollaggio dei bond Ciba verrà fatto con emissioni di BASF).

Tuttavia - anche questo elemento si era anticipato - quello espresso da BASF su Ciba costituisce un cd sostegno parentale, non una garanzia formale resa da BASF sui bond Ciba già emessi.

Fitch Upgrades and Withdraws CIBA's IDRs on Acquisition by BASF

29 Apr 2009 5:00 AM (EDT)


Fitch Ratings-London-29 April 2009: Fitch Ratings has today upgraded CIBA Specialty Chemicals Holdings Inc's (CIBA) Long-term Issuer Default Rating (IDR) and senior unsecured ratings to 'A+' from 'BBB'. The Short-term IDR was upgraded to 'F1' from 'F3'. This follows the completion of the acquisition of CIBA by BASF SE.

The ratings have been removed from Rating Watch Positive (RWP). The IDRs have been withdrawn and Fitch will no longer provide analytical coverage on the company. The senior unsecured rating will be maintained for the duration of CIBA's outstanding bonds.

Separately, Fitch has today downgraded CIBA's parent BASF SE's Long-term IDR and senior unsecured rating to 'A+' from 'AA-' (AA minus). BASF's Short-term IDR was downgraded to 'F1' from 'F1+'. The Outlook is Negative.

CIBA's ratings were put on RWP in September 2008 following the announcement of BASF SE's bid. Today rating action aligns CIBA's Long-term IDR with BASF's and reflects Fitch's view that CIBA's credit profile is closely linked with that of its parent due to strong operational and strategic ties (refer to 'Parent and Subsidiary Rating Linkage' published on 19 June 2007).

At close, BASF owned 95.8% of CIBA and indicated that it will integrate CIBA into its performance products segment in July after a two-month observation period. BASF executives have taken over the CEO and CFO roles at CIBA.

While Fitch understands that BASF will not guarantee CIBA's outstanding bonds, the debt will be fully consolidated into BASF. The alignment of the bonds' rating to BASF's senior unsecured rating reflects the agency's view that BASF has strong interest in supporting its subsidiary and in honouring its obligations.

CIBA's outstanding bonds are as follows:
- CHF225m 3.25% maturing in 2012
- GBP300m 6.5% maturing in 2013
- EUR500m 4.875% maturing in 2018

 

[lorenzo63]

Basf 30 aprile

Ed anche in questo caso agricoltura...


LONDON (ICIS news)--Financial analysts have called BASF’s consensus-beating first-quarter financial results strong, and the company's stock had risen 8.6% to €28.90 ($38.53) by 12:30 Germany time on Thursday.

Financial markets reacted positively to the apparent robustness of the chemical giant’s first-quarter earnings, which saw BASF reporting a 68% year-on-year drop in net profits to €375m and sales that were down 23% to €12.2bn.

“BASF has clearly succeeded in its goal to become less cyclical, with strong beats [of profits forecasts] from agriculture and gas," said analysts with Credit Suisse. "Consensus numbers will clearly have to come up,” they added.

Adjusted earnings before interest and tax (EBIT) were down 58% but, at €985m, were well above the bank’s forecast of €591m and the consensus forecast of €780m.

The pre-exceptional EBIT was 8% above its forecast, Citigroup said in a note to clients, due to a slightly better performance across the group.

BASF said its first quarter profits decline was due to “persistently weak demand”.

And citing “enormous challenges” the company would face this year, the company said it was looking at cutting its workforce by at least 2,000 by end-2009 and could consider more plant closures to cope with the difficult business environment.

BASF expected full-year sales and profit from operations to contract from 2008.

“Our goal of earning our cost of capital is thus becoming increasingly difficult to achieve,” said CEO Jurgen Hambrecht.

“There is currently no sign of a reversal of this trend and we do not consider temporary topping up of inventories in some regions and industries to be signs of a sustainable upturn,” he said.

“BASF will maintain strict cost and spending discipline and will continue to reduce current assets rigorously,” said Hambrecht.

Further restructuring may include closure or sale of plants and sites that could not ensure long-term competitiveness, he added.

BASF had faced the deepest recession in its recent history in the first quarter, BASF CFO Kurt Bock said during a conference call with investors.

The company had worked to preserve cash during the quarter and paid down debt, he said.

The global operating rate during the quarter was below 60%, Bock said, and the working capital reduction was €1bn, largely because of the production cutbacks.

Bock said group operating cash flow for the quarter almost doubled to €2.1bn, while net debt was at €10.2bn

The outlook for the next couple of quarters “remained extremely challenging,” Bock said. “We cannot detect any signs of improvement at the moment.”

BASF had seen sales volumes in the first quarter decline 4% compared with the fourth quarter of 2008, and prices dropped by 10% on the same basis.

Bock said that BASF did not expect improved demand for its chemicals businesses for at least the next couple of months.

Referring to the group’s plastics businesses, Bock said: “We expect weak market conditions to persist for the foreseeable future.”

BASF makes polyamide and polyurethanes, which are widely used in the automotive industry and other currently depressed industrial sectors.

 

[lorenzo63]

Ineos

LONDON (ICIS news)--INEOS saw some market improvement towards the end of the first quarter and produced a replacement cost operating profit, excluding depreciation and amortisation (RC EBITDA), in March of €73m ($96m), the company said on Friday.

The uptick against the backdrop of what the company called a “challenging” start to the year was partly led by increasing demand from Asia, it added in a trading update.

RC EBITDA for the first quarter, which is EBITDA adjusted to exclude inventory holding gains or losses, was in the region of €170m. Historical cost EBITDA was €200m.

INEOS in November forecast a full-year 2008 EBITDA in the range of €1.7bn-1.8bn before inventory holding losses of €400m and exceptional events of €180m. Its sales in 2008 are estimated by ICIS news at $40.5bn.

INEOS, which negotiated a waiver of certain debt covenants towards the end of last year and agreed to present a new business plan to its lenders this April, said that the group was in line to achieve fixed cost reductions of €200m in 2009. It had cut physical inventories by 20% at the end of the quarter compared to historical levels.

The group had €560m in cash at the end of the quarter, having made a repayment under its securitisation facility of about €210m and paid bank interest of €210m in March. Its net debt at the end of March was €7.5bn.

“INEOS has successfully implemented the short term action plan as set out in the lender presentations made in November 2008,” it said.

The company plans to close two polypropylene (PP) lines at Battleground in Texas and per/trichlorethylene facilities in Runcorn, England. A cumene plant in Port Arthur, Texas, has been mothballed. INEOS said it would cut capital spending this year to €250m.

INEOS said its olefins and polyolefins (O&P) business had experienced weak market conditions in the first quarter but that there had been some improvement for O&P in North America.

Both its refineries were run at maximum rates for most of the quarter, it said, led by firm middle distillate demand.

The intermediates businesses, including phenols, oxides nitriles and chlorvinyls had lifted from December/January lows helped by sales to Asia. Demand into durables, automotive and construction markets remained weak, INEOS said, although sales into consumables remains relatively firm.

 

[Imark]

Downgrade su Rhodia, che passa a rating BB- per S&P.

Dipendendo dalla profondità e dalla durata della crisi in essere nei comparti della chimica in cui è presente Rhodia (tutti piuttosto ciclici) nonché del business della cessione dei carbon credits (i cui prezzi analogamente si prospettano deboli per qualche tempo a venire) e dal più generale andamento del ciclo della liquidità (per l'HY, fondamentale è cercare di capire se effettivamente il default rate farà il picco verso fine anno e se le condizioni del mercato della liquidità miglioreranno con tempistiche analoghe), Rhodia potrebbe rivelarsi interessante per il dopo.

Presenta infatti alcuni elementi che potrebbero farne oggetto di acquisto sui titoli obbligazionari a suo tempo (scadenze debitorie lontane, presumibile generazione di FOCF anche durante il downturn, sebbene su liveli modesti, pochi problemi in apparenza - anche in prospettiva, secondo S&P - nel soddisfare i covenant ai quali è subordinata l'effettiva utilizzabilità delle linee di credito disponibili).

Addirittura, secondo S&P, dovrebbe essere in grado di distribuire dividendi nel 2009-2010, senza risentirne troppo marcatamente sul piano dei livelli di cash disponibile.

I rischi sono legati ad un eventuale ulteriore peggioramento dell'andamento dell'EBITDA nel prossimi due trimestri rispetto al primo, dalla eventualità che si vada a consumare cassa e che si verifichino situazioni problematiche sul piano della capacità di soddisfare i covenant sulle linee di credito.

Rhodia Lowered To 'BB-' On Weaker Prospects And Metrics; Outlook Stable

.

Oggi lo dicono quelli di Jyske... evidentemente la situazione è destinata a peggiorare... sarà bene raddoppiare la cautela...

[FONT=JyskeSauna,Bold][FONT=JyskeSauna,Bold]Accounts from Rhodia[/FONT][/FONT]​

Rhodia has just published its Q1 accounts 2009. Sales shed 20.3% compared with Q1 2008 to EUR 1,066m. EBITDA dropped back by
94% from EUR 172m in Q1 2008 to EUR 10m in Q1 2009.

Due to changes in the working capital, Rhodia was able to increase its cash holdings to EUR 554m.

The company’s total debts amounted to EUR 1,878m at the end of
the quarter, and the financial gearing rose, due to the very low EBITDA, to 2.6x at the end of Q1 2009, from 1.9x at the end of Q4 2008.

Rhodia still sees very difficult market conditions in 2009, but the company believes that the market conditions improved a shade in Q2 2009 compared with Q1 2009.

The positive news from Rhodia in connection with the release of the accounts is that the company has renegotiated the clauses of the
company’s credit facilities.

Hence, it is still possible for Rhodia to withdraw amounts under an undrawn credit facility of EUR 600m. In addition, Rhodia surprised the market by maintaining a very strong cash position in a very difficult market.

We are going through the accounts and will be back as soon as possible with an updated recommendation.​

 

[Imark]

Nalco: nuovi bond e bank facilities... emerge dal commento di Moody's una storia di deleverage interessante, anche se i tempi dei loans e bonds cd. "covenant light" pare da archiviare ancora per un bel po', e questo crea qualche difficoltà di lettura circa la futura capacità dell'emittente di rispettarli.

[FONT=verdana,arial,helvetica]Moody's rates Nalco's new bank facilities Ba1 and notes at Ba2[/FONT]

[FONT=verdana,arial,helvetica]Approximately $3 billion of Debt Securities Affected [/FONT]

[FONT=verdana,arial,helvetica]New York, May 05, 2009 -- Moody's Investors Service assigned a rating of Ba1 to Nalco Company's (Nalco Co.) new $250 million revolver due 2014 and $500 million term loan B due 2016 and assigned a Ba2 to the proposed $300 million senior unsecured notes offering due 2017 (see list below) Nalco's Corporate Family Rating (CFR) is affirmed at Ba3. Proceeds from the offerings will be used for general corporate purposes, which we assume will likely include repayment and refinancing of all or a portion of existing bank facilities and other debt. The outlook for the ratings remains stable. [/FONT]

[FONT=verdana,arial,helvetica]In April 2009 we upgraded the Corporate Family Rating (CFR) of Nalco Finance Holdings LLC (Nalco) to Ba3 from B1 following over four years of strong performance since an initial public offering, by Nalco Holding Company, in November 2004 (see Moody's press release of April 7, 2009. Ratings were also upgraded on debt located at Nalco Company, an operating subsidiary. Nalco Company is a wholly-owned subsidiary of Nalco Holdings LLC. Nalco Finance Holdings LLC (issuer of the senior discount notes) is a direct parent of Nalco Holdings LLC. Nalco Finance Holdings Inc. (co-issuer of the senior discount notes) is a financing subsidiary of Nalco Finance Holdings LLC. [/FONT]

[FONT=verdana,arial,helvetica]"The Ba3 rating incorporates our view that margin increases will aid in offsetting the impact of probable weakness in volume in 2009 and that this timely refinancing is a credit positive and improves liquidity." said Moody's analyst Bill Reed. [/FONT]

[FONT=verdana,arial,helvetica]Nalco's Ba3 CFR reflects continued strong cash flow growth over the last four years that has resulted in modestly improved credit metrics, even as debt levels have stayed elevated. The ratings are further supported by Nalco's entrenched competitive position as a global supplier of water treatment and process chemicals for industrial and institutional applications that generates strong EBITDA margins (roughly 18.5% excluding extraordinary items for the LTM ended December 31, 2008), the diversity of its end-markets, raw materials and customer base, modest capital expenditure requirements, and the improvement in its operating performance over the past two years despite a weak economic environment. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]The ratings incorporate the strength of the management team and significant barriers to entry, including high customer switching costs, patents, significant R&D spending, and long-term customer relationships. Nalco's ratings are further supported by strong market shares in certain business segments, favorable cost positions, and demonstrated stability in a highly leveraged environment. [/FONT]

[FONT=verdana,arial,helvetica]The Ba3 CFR rating is restrained nevertheless by the elevated debt levels that constrain the company's ability to handle any exogenous event that would have a negative impact on its financial performance. Even with the improved credit metrics debt to EBITDA remains high at 4.9 times at the end of 2008 down from 6.3 times at the end of 2005. In light of the high level of debt, Moody's reiterates that it is critical that Nalco generate at least $150 million of annual free cash flow (cash from operations less capital expenditures) to support its substantial debt load that on an adjusted basis approaches $3.8 billion. [/FONT]

[FONT=verdana,arial,helvetica]New Proposed Ratings [/FONT]
[FONT=verdana,arial,helvetica]Nalco Company [/FONT]
[FONT=verdana,arial,helvetica]Guaranteed senior secured revolver, $250 million due 2014 -- Ba1 LGD2 26% [/FONT]
[FONT=verdana,arial,helvetica]Guaranteed senior secured term loan B, $500 million due 2016 -- Ba1 LGD2 26% [/FONT]
[FONT=verdana,arial,helvetica]Guaranteed senior unsecured notes, $300 million due 2017 -- Ba2 LGD3 39% [/FONT]

[FONT=verdana,arial,helvetica]Ratings Affirmed: [/FONT]
[FONT=verdana,arial,helvetica]Nalco Finance Holdings LLC / Nalco Finance Holdings Inc. [/FONT]
[FONT=verdana,arial,helvetica]Corporate Family Rating Ba3 [/FONT]
[FONT=verdana,arial,helvetica]Probability of Default Rating Ba3 [/FONT]
[FONT=verdana,arial,helvetica]Senior discount notes, $462 million due 2014 -- B2 LGD6 94% [/FONT]

[FONT=verdana,arial,helvetica]Nalco Company [/FONT]
[FONT=verdana,arial,helvetica]Guaranteed senior secured revolver, $250 million due 2009 -- Ba1 LGD2 26%* [/FONT]
[FONT=verdana,arial,helvetica]Guaranteed senior secured term loan A, $31 million due 2009 -- Ba1 LGD2 26%* [/FONT]
[FONT=verdana,arial,helvetica]Guaranteed senior secured term loan B, $167 million due 2010 -- Ba1 LGD2 26% [/FONT]
[FONT=verdana,arial,helvetica]Guaranteed senior unsecured notes, $932 million of US dollar and Euro denominated notes due 2011 -- Ba2 LGD3 39% [/FONT]
[FONT=verdana,arial,helvetica]Guaranteed senior subordinated notes, $732 million of US dollar and Euro denominated notes due 2013 -- B2 LGD5 83%[/FONT]

[FONT=verdana,arial,helvetica]*Ratings to be withdrawn upon completion of refinancing [/FONT]

[FONT=verdana,arial,helvetica]Nalco's liquidity profile is good, reflecting strong operating cash flows, cash balances at the end of March 2009 of $163 million and a $160 million receivables facility due June 2010 (with $103 million in borrowings). [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]The refinancing of Nalco's bank facilities, some of which were maturing in October 2009 and 2010, with extended multi-year maturities is viewed as a positive for the credit profile and liquidity. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]We do believe that one of three new covenants, the total leverage ratio, that steps down beginning in the fourth quarter of 2009 to 4.75 to 1 (from 5.00 to 1) may be at a tighter level than anticipated. While this tightness can be offset by the stability of cash flows and the prospects for debt reduction we will monitor Nalco's covenant compliance. [/FONT]

[FONT=verdana,arial,helvetica]The B2 rating of the senior discount notes reflects their structural subordination to a substantial level of debt at Nalco Company, the principal operating subsidiary. The notes are not guaranteed and interest has become cash pay with the first payment in August 2009. Nalco Finance Holdings LLC has no operating assets and is solely reliant on cash distributions from Nalco Holdings LLC to make cash interest payments beginning in August 2009. [/FONT]
[FONT=verdana,arial,helvetica][/FONT]
[FONT=verdana,arial,helvetica]The bonds issued by Nalco Company contain covenants that will limit distributions from Nalco Holdings LLC to Nalco Finance Holdings LLC. These covenants include a standard restricted payments test and a minimum of two times interest coverage.[/FONT]

[FONT=verdana,arial,helvetica]Moody's most recent announcement concerning the ratings for Nalco was on April 7, 2009, when the CFR was raised to Ba3 along with other ratings.[/FONT]

[FONT=verdana,arial,helvetica]Nalco Company, headquartered in Naperville, Illinois, is a global producer of water treatment and process chemicals for industrial and institutional applications. Revenues were $4.2 billion for year ended December 31, 2008[/FONT]

 

[lorenzo63]

Sempre nella chimica agraria...

no.
Non sono possessore di alcunchè di Agrium.
Posto cio' perchè è un poeriodo veramente movimentato per le Società operanti nel settore...


CHICAGO (Dow Jones)--Agrium Inc. (AGU) said it sweetened its hostile offer for rival fertilizer maker CF Industries Inc. (CF) to around $4.1 billion Monday, though it target's share price continued to lag the revised terms.

The Canadian predator also extended the expiration of its bid by almost a month until June 15, after the scheduled close of CF's own unsolicited bid for smaller U.S. rival Terra Industries Inc. (TRA).

Agrium's CEO, Mike Wilson, and the company's advisors have sought talks with CF, according to people close to the situation, though no meetings are planned.

The three-way tussle, now in its fourth month, has seen CF reject Agrium's approaches, and cast them as an effort to disrupt its own pursuit of Terra and prevent consolidation in the wholesale fertilizer sector.

Agrium, a leading retail distributor, boosted the cash component of its offer to $40 a share from $35, plus one of its own shares for each CF share, valuing the package at $85.20 based on May 8 closing prices.

CF shares continue to trail the offer, recently trading up 1.4% at $74.86. Agrium shares were down 1.6% at $44.49.

While Agrium touted a 53% premium to its own pre-bid level in February, the broader fertilizer sector has strengthened in recent weeks after a prolonged period of weak demand and high raw material costs.

CF acknowledged receipt of the bid and said its board "will evaluate the revised proposal carefully."

Terra, the smallest of the trio, has rejected CF's approaches and also pushed back the date of a shareholder vote from May until at least June 8.

The two sides had not engaged in any discussions prior to CF's annual meeting last month, where Agrium had urged CF shareholders to withhold their votes from the board's slate. Both sides claimed victory, with the three directors re-elected by more than 75% of shareholders, while Agrium had sought to dissuade at least 20% from backing the slate.

Meanwhile, CF has made its own bid for a third peer, Terra Industries Inc. (TRA). CF has continued to call Agrium's offer "grossly inadequate."

The jockeying for position comes as fertilizer producers look to take advantage of the drop in sector stock prices since last summer to buy up production capacity ahead of an expected rebound in prices.

Agrium said as of midnight May 8, 1.3 million of CF's 49.1 million shares outstanding had been tendered.

 

[lorenzo63]

Aggiornamento

 

[lorenzo63]

LyondellBasell chiude impianto in Texas

08 maggio 2009 @ 07:11:02 CEST
Stop alla produzione di HDPE nel sito di Chocolate Bayou.

Nell'ambito del programma di razionalizzazione delle proprie capacità produttive, LyondellBasell ha deciso di fermare entro fine luglio la produzione di polietilene alta densità presso il complesso chimico di Chocolate Bayou, in Texas. L'unità ha una capacità produttiva pari a circa 220.000 t/a di HDPE e occupa una cinquantina di addetti.

A marzo, la società aveva annunciato la chiusura, sempre a Chocolate Bayou, ma in un sito produttivo diverso, di un cracker per olefine.

Vaughn Deasy, Senior Vice President per le attività nella chimica di base e polietilene, motiva la decisione di razionalizzare le capacità produttive con l'attuale scenario di mercato, che vede un declino della domanda sul mercato statunitense e ridotte opportunità di esportazione, dovute alla crescita della capacità mondiale di poliolefine.

 

[lorenzo63]

Rhodia chiude impianti in Canada

8 maggio 2009

Fermata la produzione di PA6 e PA66 nel sito di Mississauga.

Il gruppo francese Rhodia ha fermato gli impianti per la produzione di compound Technyl a base di poliammide 6 e 66 presso il sito di Mississauga, in Canada, dove resteranno attive le linee per tensioattivi e altri polimeri commercializzati da Novecare.

Le attività di produzione nelle poliammidi saranno trasferite alla società Alloy Polymers, nell'ambito di un accordo di fornitura

 

[lorenzo63]

Borealis minimizza le perdite

Conti in rosso nei primi tre mesi, ma in progresso rispetto al trimestre precedente. Nessuna reale ripresa attesa fino al 2010.

Il produttore europeo di poliolefine Borealis ha chiuso il primo trimestre 2009 con una perdita di 56 milioni di euro, in decisa flessione rispetto all'utile di 130 milioni del primo trimestre 2008, ma in progresso se comparata con la perdita di 122 milioni di euro registrata nell'ultima parte dello scorso anno.

Risultati che non possono essere definiti positivi in senso assoluto, ma che vanno rapportati con la difficile situazione del mercato chimico, che ha colpito senza eccezione tutti i principali players del settore.

Tra gennaio e marzo 2009 la società ha totalizzato vendite per 1,025 miliardi di euro, contro 1,696 miliardi dello stesso periodo dello scorso anno, ma viene segnalata una leggera ripresa della domanda nei primi mesi dell'anno, sia in termini di volumi che nei prezzi.

"Dopo una drammatica caduta della domanda, l'economia mondiale si è stabilizzata a un basso livello - ha spiegato il CEO di Borealis Mark Garrett -. Non prevediamo una reale ripresa della domanda prima della fine del 2010. Borealis continuerà a impegnarsi per garantire un posizionamento competitivo sul fronte dei costi".