S&P rates Albemarle notes BBB

Standard & Poor's said it assigned a BBB senior unsecured debt rating to Albemarle Corp.'s proposed $350 million senior unsecured notes due 2020.

The BBB long-term corporate credit rating is unchanged.

The outlook is positive.

Proceeds will be used to repay outstanding borrowings under its revolving credit facility, to make a voluntary pension contribution and for general corporate purposes.

Ratings reflect the company's solid product positions, attractive operating margins, meaningful internal funds generation and track record of prudent financial policies, the agency said.

Albemarle's end markets are well-diversified and the company's geographic diversification of sales is substantial with more than 60% of its sales generated outside of North America, the agency noted.

The cyclicality of the electronics and polymers markets and Albemarle's vulnerability to raw material costs temper these strengths, S&P said.

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