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S&P lowers Solvay, ups Rhodia
Standard & Poor's said it lowered the long-term corporate credit and senior unsecured debt ratings on Solvay SA to BBB+ from A-.
The A-2 short-term corporate credit rating was affirmed.
The agency also said it raised the long- and short-term corporate credit ratings on Rhodia SA to BBB+/A-2 from BB/B, equalizing them with those on its now 100% parent, Solvay. Rhodia's senior unsecured issue ratings also were raised to BBB+ from BB.
The long-term ratings on Solvay were removed from CreditWatch, where they were placed with negative implications in April.
S&P also said it removed the long- and short-term ratings on Rhodia from CreditWatch, where they were placed with positive implications in April.
Solvay's leverage is now much higher following the sizable €6.6 billion acquisition of Rhodia, the agency said.
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