Moody's drops Rhodia outlook to negative

Moody's Investors Services said it has changed the outlook on all outstanding ratings of Rhodia SA to negative from stable.

The revision of the outlook was prompted by the continued weakening in economic activity during the first three months of the year leading to an unprecedented slump in sales volume at Rhodia and to very low capacity utilization exerting pressure on the operating yields of the group, Moody's added.

The group's Polyamide and Silcea businesses have been most affected by the sharp destocking patterns of the last three months, the agency noted.

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