Moody's assigns Baa3 to Albemarle notes

Moody's said it assigned Baa3 ratings to Albemarle Corp.'s about $1.5 billion of new senior unsecured notes with five-, 10- and 30-year maturities.

Albemarle’s senior unsecured rating has been Baa3 since it was downgraded from Baa2 on July 29, 2020.

The proceeds are expected to be used to repay $425 million in 2024 notes, commercial paper, a portion of which was used to finance the recent Huntsman settlement payment, and general corporate purposes. Additionally, the proceeds will also be used to finance the cash flow deficit arising from the large capital expenditures plans, which include the company's wave 3 lithium projects.

The outlook is stable.

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