S&P lowers US Eastman's outlook on coal-gas plant

04 June 2008 18:19  [Source: ICIS news]

HOUSTON (ICIS news)--Standard & Poor's Ratings Service (S&P) has lowered its outlook for US producer Eastman Chemical to negative from stable, due to the company's larger stake in a coal-gasification project, the firm said on Wednesday.

Eastman is now the sole owner of the plant, which is being built in Beaumont, Texas.

The project will stretch Eastman's financial risk profile while it is under construction, S&P said.

S&P also lowered Eastman's short-term corporate credit and commercial paper ratings to A-3 from A-2. However, S&P affirmed Eastman's BBB long-term corporate credit and senior unsecured debt rating.

($1 = €0.65)

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By: Al Greenwood
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