08 December 2006 18:15 [Source: ICIS news]
TORONTO (ICIS news)--US credit watchdog Moody’s affirmed on Friday its debt ratings for specialty chemicals maker Rockwood at B1 and upgraded its ratings outlook to stable, from negative.
In a statement, Moody’s noted Rockwood’s low level of debt repayment since it acquired Dynamite Nobel in 2004.
However, Rockwood is expected to use part of the proceeds from its planned sale of Groupe Novasep to pay down debt, Moody’s said.
At the same time, Rockwood is not likely to undertake any major debt-financed acquisitions in the near-term, Moody’s added.
Princeton, New Jersey-based Rockwood makes specialty inorganic chemicals and engineered materials.
Moody’s said Rockwood has a diverse product portfolio and holds leading positions in several markets. Rockwood has only limited exposure to volatile petrochemicals and energy costs, it added.
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