21 September 2011 21:48 [Source: ICIS news]
HOUSTON (ICIS)--Moody’s Investor Service upgraded US Lubrizol’s ratings to Aa2 on Wednesday after Berkshire Hathaway’s acquisition of the specialty chemicals producer.
Lubrizol has a total debt of $1.35bn (€985.5m), which is now guaranteed by Berkshire Hathaway, leading Moody’s to also upgrade Lubrizol’s outlook to stable.
Moody’s said Lubrizol’s upgrade is the result of Berkshire Hathaway's strong credit profile and the credit support it provides for its new acquisition.
“We believe the guarantee's provisions and language allow for the substitution of Lubrizol's credit profile with that of Berkshire Hathaway,” Moody’s said.
Berkshire Hathaway finalised its $9.7bn acquisition of Lubrizol last week.
$1 = €0.73
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