Moody’s rates Equate, note program Baa2

Moody's Investors Service said it assigned a Baa2 long-term issuer rating to Equate Petrochemical Co. KSCC and a provisional Baa2 senior unsecured rating to the $4 billion global medium-term note program of Equate Petrochemical BV.

The outlook is stable.

"The assignment of a Baa2 rating reflects Equate's strong operating profile benefiting from a low cost structure including cost advantaged feedstock supplies and supported by vertically integrated operations," Moody’s vice president, senior credit officer Douglas Crawford said in a news release.

"The rating also takes into account the expectation of strong government support given the importance of the company in the diversification of the Kuwaiti economy."

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