S&P turns Equate outlook to stable

S&P said it revised its outlook on Equate Petrochemical Co. KSCC to stable from positive and affirmed its BBB ratings.

“The outlook revision reflects our view of a weaker pricing recovery than expected and overall economic outlook, resulting in FFO to debt averaging 20%-25% over the next few years, compared with our previous upside trigger of about 30%. A slower-than-expected recovery and significant drop in consumer confidence in an inflationary environment have led to subdued demand and a destocking in the chemicals value chain,” S&P said in a press release.

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