According to the latest report of the world-famous credit rating agency Standard & Poor's, the global chemical company's credit rating has improved in the second quarter, and this good trend will continue for the rest of the year. Standard & Poor's said that an increasingly improving economic environment, a more favorable debt market, and an increase in corporate investment confidence are all driving positive changes in the credit rating of the chemical industry.
In the second quarter, Standard & Poor's raised the credit ratings of five chemical companies, including Innophos, Kraton Polymers, PolyOne, Valhi and Westlake Chemical Company. In addition, Standard & Poor's maintained its negative observation rating on Air Products, as Air Products’ bid for a domestic rival Airgas. As of June 30th, among Standard & Poor's credit rating systems, only less than 10% of chemical companies maintained a negative rating, compared with one-third of the same period of last year.
The report also expressed concern about the recent weakness in the global economy, high unemployment, and low consumer spending, but Standard & Poor's economists still believe that the end market will grow during the rest of the year. However, the growth of petrochemical production capacity exceeds the growth rate of demand, especially the petrochemical production capacity from the Middle East and Asia is growing rapidly and will exert pressure on the global petrochemical market. Standard & Poor's estimates that this year's global industrial upgrading of credit rating companies will exceed the number of downgrades, this is the first time since 2005 such a good situation.
In the second quarter, Standard & Poor's raised the credit ratings of five chemical companies, including Innophos, Kraton Polymers, PolyOne, Valhi and Westlake Chemical Company. In addition, Standard & Poor's maintained its negative observation rating on Air Products, as Air Products’ bid for a domestic rival Airgas. As of June 30th, among Standard & Poor's credit rating systems, only less than 10% of chemical companies maintained a negative rating, compared with one-third of the same period of last year.
The report also expressed concern about the recent weakness in the global economy, high unemployment, and low consumer spending, but Standard & Poor's economists still believe that the end market will grow during the rest of the year. However, the growth of petrochemical production capacity exceeds the growth rate of demand, especially the petrochemical production capacity from the Middle East and Asia is growing rapidly and will exert pressure on the global petrochemical market. Standard & Poor's estimates that this year's global industrial upgrading of credit rating companies will exceed the number of downgrades, this is the first time since 2005 such a good situation.
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