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Fitch places Roehm on watch
Fitch Ratings said it placed Roehm Holding GmbH's B- long-term issuer and senior secured ratings on rating watch negative following its agreement to acquire Saudi Basic Industries Corp.'s polycarbonate sheets and films business.
“The RWN reflects uncertainty regarding Roehm's liquidity position, which will depend on funding arrangements and may substantially weaken in 2024, when the transaction is expected to close. The timing coincides with the finalization of its investment into the new LiMA plant, whose capex will consume the company's currently high cash buffer, and with a period of highly volatile market conditions,” Fitch said in a press release.
The agency said it plans to resolve the RWN once it has more clarity on acquisition funding and its effect on Roehm's projected liquidity headroom.
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