21 July 2001 00:04 [Source: ICIS news]
HOUSTON (CNI)--Standard & Poor's (S&P) upgraded its rating outlook Friday for Canadian methanol producer Methanex to "stable" from "negative" and cited the outlook for methanol as having "reasonably healthy" prices despite recent declines.
The New York City-based credit rating agency said its new rating also reflects an improved financial performance by Methanex since the second quarter of last year resulting in a significant cash build at the Vancouver, British Columbia-based company.
S&P said: "This liquidity position, together with the company's cash generating capacity at current methanol prices, should amply provide for near-term maturities, new project capital requirements and the distribution of excess cash to shareholders."
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