S&P drops Octel to BB-

Standard & Poor's said it has lowered its long-term corporate credit rating on Octel Corp. to BB- from BB.

The outlook is negative.

S&P said specific concerns are the group's customer concentration, the low visibility on countries' decisions to phase out the use of TEL - a fuel additive - and the group's debt-funded growth strategy.

S&P said these factors are partially offset by Octel's very strong market position and high margin in TEL.

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