Moody's cuts Kingboard Chemical view to negative

Moody's Investors Service said it changed the outlook for Kingboard Chemical Holdings Ltd.'s Baa3 corporate family rating to negative from stable.

The rating reflects Kingboard's weaker-than-expected financial results for 2008, Moody's said, and concern that the weak economic outlook may limit the company's ability to improve its performance in the near term.

The decline in demand for electronic products has significantly affected the company's laminates and printed circuit board divisions, while the fall in commodity prices resulted in an operating loss for its chemical division in the fourth quarter of 2008, the agency said.

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