Moody's views NOVA Chemicals negatively

Moody's Investors Service said it changed the outlook for NOVA Chemicals Corp. to negative from stable and affirmed its Ba2 corporate family rating, Ba2-PD probability of default rating and Ba3 senior unsecured notes rating.

"The negative outlook reflects heightened credit risks due to the tightening of NOVA's liquidity during a period of industry underperformance, soft macro conditions and multiple operational setbacks," said Whitney Leavens, a Moody's analyst, in a statement.

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