S&P ups Specialty Chemicals

S&P said it upgraded Specialty Chemicals International BV, the parent company of Polynt Group, to BB- from B+ and its term loan to BB from BB- with a 2 recovery rating (80%).

The agency noted Specialty Chemicals’ profitability improved in 2020 and the first half of 2021 despite tight global supply and sees it continuing to deliver strong operating performance and solid EBITDA margins through 2023.

Black Diamond Capital Management is acquiring Investindustrial's stake in Specialty Chemicals, resulting in a new organizational and capital structure and refinancing its debt; as such, S&P said it plans to discontinue the ratings on Specialty Chemicals at transaction closing.

The outlook is stable.

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