S&P rates Wanhua Chemical

Standard & Poor’s said it assigned a BBB- long-term corporate credit rating to Wanhua Chemical Group Co. Ltd., along with a cnA- Greater China regional scale rating.

S&P also said it assigned a BBB- long-term issue rating and cnA- long-term Greater China regional scale rating to a proposed issue of renminbi-denominated senior unsecured notes that Wanhua will guarantee.

Wanhua Chemical International Holdings Co. Ltd., a special purpose vehicle of Wanhua, proposes to issue the notes.

The outlook is stable.

The ratings reflect the company’s strong profitability, niche position in the production of global methylene diphenyl diisocyanate and good operating efficiency, S&P said.

Wanhua’s narrow business scope and geographic concentration of sales make it more susceptible to an industry downturn, the agency added.

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