Moody's gives OXEA B1, notes B2

Moody's Investors Service said it assigned a B1 corporate family rating and probability of default rating to OXEA Sarl.

At the same time, the agency said it has assigned a provisional B2 (LGD 4; 61%) rating to €500 million equivalent of senior secured guaranteed notes to be issued by a fully owned and guaranteed subsidiary of OXEA.

The outlook is stable.

Moody's said that OXEA's B1 corporate family rating reflects (i) its strong market position in a relatively consolidated oxo chemicals industry; (ii) the group's competitive cost position, which is supported by a lean organization, secured access to tight raw materials and relatively high share of raw material price indexed sales contracts; (iii) the company's experienced management, with more than 20 years of oxo chemicals experience on average per board m.; and (iv) the supportive demand/supply balance for oxo chemicals after capacity rationalizations occurred at the beginning of the century.

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