S&P rates Rhodia notes B-

Standard & Poor's said it assigned its B- rating to Rhodia SA's new €1.1 billion senior unsecured issue maturing in 2013.

At the same time, S&P said it affirmed its B+/B long- and short-term corporate credit ratings on Rhodia. The outlook is stable.

The agency added that the issue is rated two notches below the corporate credit rating, reflecting contractual and structural subordination.

S&P noted that the ratings on Rhodia continue to reflect an aggressive financial profile, low coverage by funds from operations of adjusted debt, thin free operating cash flow generation and exposure to competitive markets and volatile raw-material prices that can pressure operating profits.

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