Moody's assigns Solvay notes Ba1

Moody's Investors Service said it assigned a Ba1 long-term rating to the proposed issuance of undated deeply subordinated fixed-to-reset rate bonds of Solvay SA. The size and completion of the hybrid remain subject to market conditions.

The proceeds will be used for general corporate purposes, including the possible repayment of other subordinated indebtedness, notably the €500 million hybrid bond with the first call date in June 2021 issued by Solvay Finance.

Moody’s changed the outlook to negative. “The negative outlook reflects Moody's expectation that the company's leverage will remain above our expectations for the next 18 months,” the agency said in a press release.

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