Moody’s assigns Synthos CFR Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating and a Ba2-PD probability of default rating to Synthos SA, a European synthetic rubber and styrenics producer.

The outlook is stable.

"The assigned Ba2 rating balances our assessment of Synthos's exposure to the volatile petrochemical and synthetic rubber industries, its moderate size and limited portfolio diversification against its strong operational and financial performance, as well as its solid profitability," Sergei Grishunin, Moody's assistant vice president, analyst and lead analyst for Synthos, said in a news release.

In the next 18-24 months, Moody's expects that synthetic rubber prices will remain under pressure owing to the addition of new capacities, for which demand is insufficient.

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