10 November 2009 23:14 [Source: ICIS news]
HOUSTON (ICIS news)--Moody’s upgraded the outlook on US polymer materials firm PolyOne to positive from stable behind significant improvements in the operating income of the company’s specialty and performance businesses, the ratings service said on Tuesday.
PolyOne posted a third-quarter net income of $49.6m (€33.2m), up from a loss of $5.6m year over year as the company reported better margins and lower sales costs.
Moody’s, which cited income improvements in the prior two quarters, noted that the improved performance came in spite of very weak economic conditions in the US and Europe, with volumes down 15-20% or more in most of PolyOne’s specialty and performance businesses.
"It appears that PolyOne has turned the corner in regards to the profitability of its wholly owned operations," said Moody’s senior vice president John Rogers. “In addition, the cash generated in 2009 will greatly improve its financial flexibility in managing a significant debt maturity in 2012."
($1 = €0.67)
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