S&P acts on European chemical companies

S&P said it revised the outlooks to negative from stable and affirmed its ratings on four European chemical companies since Gazprom reported the continued curtailment of gas for technical reasons, which reduces capacity on the pipeline to 20%.

“An intermittent and ongoing series of reductions in gas flows increases business risk for companies in the chemicals sector. It introduces grave operational challenges and greatly impacts the supply chains for natural gas, which is not only used to produce electricity and steam, but also serves as raw material in chemical production,” S&P said in a press release.

The companies are BASF SE, Lanxess AG, Nobian Holding 2 BV and Luxembourg Investment Co. 437 Sarl (Heubach).

Additionally, the agency affirmed the B rating and negative outlook on Herens Midco Sarl (Arxada).

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