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Issuer Ranking: U.S. Chemical Companies--Strongest To Weakest

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Issuer Ranking: U.S. Chemical Companies--Strongest To Weakest

The following list ranks all of the U.S. chemical companies that S&P Global Ratings rates from strongest to weakest based on rating, outlook, and business and financial risk profile. We rank companies in the investment-grade category first by business risk profile and then by financial risk profile. We rank companies in the speculative-grade category first by financial risk profile and then by business risk profile. We then listed the companies in alphabetical order if not distinguished by these factors. Additionally, we have provided the primary analyst for each company.

U.S. Chemical Companies--Strongest To Weakest
Issuer Analyst Long-term issuer credit rating Current outlook or CreditWatch Business risk profile Financial risk profile

Air Products and Chemicals Inc.

Paul J Kurias A Stable Excellent Intermediate

Ecolab Inc.

Rachel A Gross, CFA A- Stable Strong Intermediate

Corteva Inc.

Daniel S Krauss, CFA A- Stable Satisfactory Modest

Formosa Plastics Corp. U.S.A.

Paul J Kurias BBB+ Stable Satisfactory Minimal

NewMarket Corp.

Edward J Hudson BBB+ Stable Satisfactory Minimal

PPG Industries Inc.

Michael P McConnell BBB+ Negative Strong Intermediate

Chevron Phillips Chemical Co. LLC

Allison L Schroeder BBB+ Negative Satisfactory Intermediate

DuPont de Nemours Inc.

Allison L Schroeder BBB+ Watch Neg Strong Significant

LyondellBasell Industries N.V.

Daniel S Krauss, CFA BBB Negative Satisfactory Intermediate

Eastman Chemical Co.

Allison L Schroeder BBB- Stable Strong Significant

RPM International Inc.

Allison L Schroeder BBB- Stable Strong Significant

Sherwin-Williams Co.

Paul J Kurias BBB- Stable Strong Significant

Albemarle Corp.

Daniel S Krauss, CFA BBB- Stable Strong Aggressive

The Dow Chemical Co.

Daniel S Krauss, CFA BBB- Stable Strong Aggressive

Cabot Corp.

Daniel S Krauss, CFA BBB- Stable Satisfactory Intermediate

Celanese US Holdings LLC

Paul J Kurias BBB- Stable Satisfactory Significant

FMC Corp.

Daniel S Krauss, CFA BBB- Stable Satisfactory Significant

Westlake Chemical Corp.

Paul J Kurias BBB- Stable Satisfactory Significant

The Mosaic Co.

Daniel S Krauss, CFA BBB- Negative Satisfactory Significant

J.M. Huber Corp.

Allison L Schroeder BB+ Stable Fair Intermediate

Huntsman Corp.

Michael P McConnell BB+ Stable Fair Intermediate

INVISTA Equities LLC

Allison L Schroeder BB+ Stable Weak Intermediate

Ashland Global Holdings Inc.

Michael P McConnell BB+ Stable Satisfactory Significant

CF Industries Inc.

Paul J Kurias BB+ Stable Satisfactory Significant

GCP Applied Technologies Inc.

Allison L Schroeder BB Stable Fair Intermediate

Minerals Technologies Inc.

Edward J Hudson BB Stable Fair Significant

Axalta Coating Systems Dutch Holding B B.V.

Rachel A Gross, CFA BB Stable Satisfactory Aggressive

Axalta Coating Systems Ltd.

Rachel A Gross, CFA BB Stable Satisfactory Aggressive

Univar Solutions Inc.

Charleen Sheehan, CFA BB Stable Satisfactory Aggressive

Cabot Microelectronics Corp.

Edward J Hudson BB Negative Fair Significant

PolyOne Corp.

Daniel S Krauss, CFA BB Negative Fair Significant

H.B. Fuller Co.

Michael P McConnell BB Negative Satisfactory Aggressive

Methanex Corp.

Daniel S Krauss, CFA BB Negative Satisfactory Aggressive

W.R. Grace & Co.

Rachel A Gross, CFA BB Negative Satisfactory Aggressive

Albaugh LLC

Michael P McConnell BB- Stable Weak Significant

Messer Industries GmbH

Michael P McConnell BB- Stable Satisfactory Aggressive

Ravago Holdings America Inc.

Michael P McConnell BB- Stable Fair Aggressive

Ascend Performance Materials Operations LLC

Edward J Hudson BB- Stable Weak Aggressive

Element Solutions Inc.

Paul J Kurias BB- Negative Fair Aggressive

Olin Corp.

Daniel S Krauss, CFA BB- Negative Satisfactory Highly leveraged

Illuminate Holdings III LLC

Paul J Kurias B+ Stable Satisfactory Highly leveraged

PQ Corp.

Edward J Hudson B+ Stable Satisfactory Highly leveraged

Ferro Corp.

Rachel A Gross, CFA B+ Negative Fair Aggressive

The Chemours Co.

Allison L Schroeder B+ Negative Fair Aggressive

Kraton Corp.

Rachel A Gross, CFA B+ Negative Weak Aggressive

Momentive Performance Materials Inc.

Edward J Hudson B+ Negative Weak Highly leveraged

Innophos Holdings Inc.

Charleen Sheehan, CFA B Stable Fair Highly leveraged

SK Blue Holdings L.P.

Edward J Hudson B Stable Fair Highly leveraged

Cyanco Intermediate 2 Corp.

Michael P McConnell B Stable Weak Highly leveraged

Tata Chemicals North America Inc.

Edward J Hudson B Negative Weak Aggressive

Koppers Holdings Inc.

Rachel A Gross, CFA B Negative Fair Highly leveraged

PLZ Aeroscience Corp.

Charleen Sheehan, CFA B Negative Weak Highly leveraged

Trinseo S.A.

Michael P McConnell B Negative Weak Highly leveraged

Tronox Ltd.

Michael P McConnell B Negative Weak Highly leveraged

Aruba Investments Inc.

Edward J Hudson B- Stable Fair Highly leveraged

ASP Emerald Holdings LLC

Charleen Sheehan, CFA B- Stable Fair Highly leveraged

CPG Intermediate LLC

Rachel A Gross, CFA B- Stable Weak Highly leveraged

Innovative Chemical Products Group

Michael P McConnell B- Stable Weak Highly leveraged

Nexeo Plastics Parent Inc.

Rachel A Gross, CFA B- Stable Weak Highly leveraged

SK Invictus Intermediate II S.a r.l.

Edward J Hudson B- Negative Fair Highly leveraged

ASP Chromaflo Holdings L.P.

Rachel A Gross, CFA B- Negative Weak Highly leveraged

Calumet Specialty Products Partners L.P.

Edward J Hudson B- Negative Weak Highly leveraged

Cornerstone Chemical Co.

Michael P McConnell B- Negative Weak Highly leveraged

Hexion Inc.

Rachel A Gross, CFA B- Negative Weak Highly leveraged

Kronos Worldwide Inc.

Michael P McConnell B- Negative Weak Highly leveraged

Solenis UK International Ltd.

Rachel A Gross, CFA B- Negative Weak Highly leveraged

TPC Group Inc.

Edward J Hudson B- Negative Weak Highly leveraged

Vantage Specialty Chemicals Inc.

Edward J Hudson B- Negative Weak Highly leveraged

AgroFresh Inc.

Charleen Sheehan, CFA B- Watch Neg Weak Highly leveraged

LSB Industries Inc.

Edward J Hudson CCC+ Stable Weak Highly leveraged

PMHC II Inc.

Edward J Hudson CCC+ Stable Weak Highly leveraged

Diamond (BC) B.V.

Michael P McConnell CCC+ Negative Fair Highly leveraged

DCG Acquisition Corp.

Charleen Sheehan, CFA CCC+ Negative Weak Highly leveraged

FXI Holdings Inc.

Allison L Schroeder CCC+ Negative Weak Highly leveraged

Road Infrastructure Investment Holdings Inc.

Charleen Sheehan, CFA CCC+ Negative Weak Highly leveraged

Zep Inc.

Rachel A Gross, CFA CCC+ Negative Weak Highly leveraged

Polymer Additives Holdings Inc.

Allison L Schroeder CCC Negative Weak Highly leveraged

UFS Holdings Inc.

Rachel A Gross, CFA CCC Negative Weak Highly leveraged
Note: Ratings as of June 19, 2020. Source: S&P Global Ratings.

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This report does not constitute a rating action.

Primary Credit Analyst:Daniel S Krauss, CFA, New York (1) 212-438-2641;
danny.krauss@spglobal.com

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