07 December 2010 18:41 [Source: ICIS news]
TORONTO (ICIS)--Moody’s has upgraded its ratings for US chemicals and catalysts producer Albemarle on a strong 2010 operating performance and good prospects in the coming 12-18 months, the ratings firm said on Tuesday.
Moody’s raised its debt ratings for
The company’s margins had benefited from strong pricing power for its products, allowing the firm to pass through higher raw material costs, the agency said.
“Profits are expected to grow further in 2011 due to the strong underlying market trends for [Albemarle's] products and services, capacity expansions in Asia and the Middle East and debottlenecking of bromine production facilities in the US and Jordan,” Moody’s said.
Also, near-term tight supply-demand dynamics in the bromine market were expected to support earnings growth, the agency added.
Moody’s also noted that
“We would expect this assessment to provide greater clarity on the firm's acquisition strategy, including the size and type of potential targets, and management's financial priorities in the event of an acquisition,” Moody’s said.
($1 = €0.75)
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