S&P: Cognis view positive

Standard & Poor's said it affirmed the B- long-term corporate credit rating on Cognis GmbH and revised the outlook to positive from negative.

The action follows the improvement in Cognis' volumes since the second quarter of 2009, better-than-expected operating results for the year ended 2009, which continued through the first quarter of 2010, and signs that industry conditions are strengthening further in the near term, S&P said.

The ratings continue to be constrained by the company's high leverage, derived from the dividend recapitalizations undertaken in previous years, S&P said.

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