S&P upgrades Wanhua Chemical

S&P said it raised its long-term issuer credit rating on Wanhua Chemical Group Co. Ltd. to BBB from BBB-. The outlook is stable.

Wanhua is the largest methylene diphenyl diisocynate (MDI) producer globally. The company is based in China's Shandong province.

“We upgraded Wanhua because we expect the company's restructuring to enhance its operating scale and diversity. The resultant takeover of its parent’s assets will help Wanhua consolidate its leading global position in the niche MDI market and reduce its concentration risk in China,” S&P said in a news release.

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