S&P changes Clariant to stable

S&P said it revised the outlook on Clariant AG to stable from positive and affirmed the long- and short-term corporate credit ratings at BBB-/A-3.

The agency also affirmed the issue ratings on Clariant's senior unsecured bonds and revolving credit facility.

“The outlook revision follows the announcement that Clariant and Huntsman have jointly decided to cancel the planned merger,” S&P said in a news release.

“Following the announcement, we no longer factor in the upside potential to the rating that had previously underpinned our positive outlook, and which related to prospective stronger credit metrics stemming from the planned deleveraging of the combined entity with the use of IPO proceeds from Huntsman's titanium dioxide business.”

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