Fitch might lift Wanhua Chemical

Fitch Ratings said it placed Wanhua Chemical Group Co., Ltd.'s long-term foreign and local currency issuer default ratings and senior unsecured rating of BBB on rating watch positive.

The agency said the action follows Wanhua Chemical's announcement that it has received unconditional approval from the Chinese authorities for the reorganization of its assets in the methylene diphenyl di-isocyanate businesses under Yantai Wanhua Chemical Co. Ltd.

“The RWP reflects our opinion that the reorganisation is likely to enhance Wanhua Chemical's business profile by strengthening its market position and improving geographical diversification, while generating strong free cash flow and maintaining low financial leverage,” Fitch said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.