Fitch rates Rhodia eurobond BB-

Fitch Ratings said it assigned Rhodia SA's €500 million eight-year (2018) benchmark eurobond an expected senior unsecured BB- rating. The company has a long-term issuer default rating of BB-.

The outlook is stable.

The proceeds will be used to refinance about €500 million senior floating-rate notes due 2013.

The notes, which carry a 7% coupon, are unsecured obligations of Rhodia and will rank equally with existing unsecured, unsubordinated obligations, Fitch said, and the notes are subordinated to Rhodia's secured indebtedness. The

Visibility, especially for the second half of 2010, is limited and uncertainties remain, Fitch said. But, the agency said it expects improvements for 2010.

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