S&P gives BBB- to Albemarle notes

Standard & Poor’s said it assigned its BBB- issue rating to Albemarle Corp.’s €700 million senior unsecured notes due 2021.

Albemarle will use note proceeds to partially fund the cash portion of the Rockwood Holdings Inc. acquisition and refinance its outstanding $325 million senior unsecured notes due 2015.

The existing ratings on Albemarle, including the BBB- long-term corporate credit rating, are unchanged. The outlook is stable.

S&P said the ratings on Albemarle reflect S&P’s assessment of the company’s “strong” business risk profile, based on the company’s good market positions and above-industry-average profitability, and “significant” financial risk profile.

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