S&P rates Equate Petrochemical notes BBB+

S&P said it assigned its preliminary BBB+ long-term and preliminary A-2 short-term corporate credit ratings to Equate Petrochemical Co. KSCC.

The outlook is stable.

At the same time, S&P said it assigned a preliminary BBB+ issue rating to the proposed $4 billion medium-term note program established on Oct. 17 by Equate Petrochemical BV and guaranteed by Equate and the Kuwait Olefins Co. KSCC.

“Our assessment of Equate's business risk profile is driven by the company's strong and resilient profitability, with EBITDA margins between 35% and 40%. This positions Equate among the most profitable global chemicals companies we rated,” S&P said in a news release.

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