21 September 2010 16:19 [Source: ICIS news]
LONDON (ICIS)--Credit ratings agency Moody’s has assigned a provisional 'B1' rating to French specialty chemical producer Rhodia's proposed issue of $400m (€308m) senior unsecured fixed rate notes, it said on Tuesday.
The issue ratings and recovery ratings on all of Rhodia's other rated debt instruments were unchanged, while the outlook on all the group’s ratings remained positive, Moody’s added.
Rhodia’s newly issued $400m, 10-year senior unsecured fixed rate notes would be used to repay existing senior unsecured floating rate notes, Moody’s said.
The credit ratings agency would give a definitive rating in advance of the final sale of securities upon a review of the transaction and associated documentation, it said.
Moody's announced it would consider upgrading Rhodia’s ratings if the group continued to demonstrate further strong operating performance.
However, it could also downgrade the ratings should Rhodia’s operating performance sustainably deteriorate, resulting in negative free cash flow generation, it added.
Moody's last rating action on Rhodia was on 13 September 2010, when the group’s outlook on all ratings was changed to positive from stable.
($1 = €0.77)
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