S&P revises Equate view to stable

S&P said it revised Equate Petrochemical Co. KSCC’s outlook to stable from negative and affirmed its BBB ratings, citing better oil prices, a global economic recovery and ethylene glycol prices averaging $600 per ton.

“The faster-than-expected recovery in petrochemical prices, combined with Equate's competitive cost advantage, will support the company's deleveraging and above-average profitability. We revised the outlook given our view of improving petrochemical prices, mainly for EG (80% of sales volumes), in the next 12-to-24 months. We now anticipate EG prices will recover to about $600 per ton in 2021, and slightly declining in 2022, to factor in expected global capacity additions, thereby improving Equate's credit metrics,” S&P said in a press 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.