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Global Chemical Companies--Strongest To Weakest

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How We Rate Nonfinancial Corporate Entities


Global Chemical Companies--Strongest To Weakest

Here, S&P Global Ratings ranks global chemical companies that it rates, from strongest to weakest. We rank companies, in turn, by the rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies are ranked by business risk profile, then financial risk profile. Speculative-grade companies are ordered by financial risk profile, then business risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors.

In line with our corporate rating methodology, the final rating may differ from the SACP, where government, group, or rating above the sovereign considerations apply. Where the SACP differs from the anchor, as it does for more than a quarter of the ratings, we have applied one or more modifiers, which may include that for liquidity. We've noted the anchor and active modifiers of each company for informational purposes only. For our more detailed analysis, please refer to the company-specific pages on RatingsDirect via the hyperlinks below.

As we show in the charts and comments at the end of this report, most of our business risk assessments are closely correlated with the corresponding competitive positions. Where they diverge, it is usually because we consider country risk higher, and this constrains the competitive position. Government or group ownership or sovereign rating is an explicit rating factor for about 12% of the companies.

For our sector outlook and analysis, please refer the Related Research section at the end of this article.

Table 1

Global Chemical Companies, Strongest To Weakest
Ranking Company Foreign currency LT Outlook SACP Business risk profile Financial risk profile Liquidity Anchor Modifier
1

Industries Qatar QSC

A+ Stable bbb+ [3] Satisfactory [1] Minimal Strong a- Comparable ratings analysis: Negative (-1 notch)
2

Linde plc

A Stable a [1] Excellent [3] Intermediate Strong a+ Financial policy: Negative (-1 notch)
3

Air Products and Chemicals Inc.

A Stable a [1] Excellent [3] Intermediate Strong a
4

BASF SE

A Negative a [2] Strong [3] Intermediate Adequate a- Comparable ratings analysis: Positive (+1 notch)
5

L'Air Liquide S.A.

A- Positive a- [1] Excellent [4] Significant Adequate a-
6

Saudi Basic Industries Corp.

A- Stable a+ [2] Strong [2] Modest Strong a+
7

Koninklijke DSM N.V.

A- Stable a- [2] Strong [2] Modest Strong a Financial policy: Negative (-1 notch)
8

Ecolab Inc.

A- Stable a- [2] Strong [3] Intermediate Strong a-
9

Corteva, Inc.

A- Stable a- [3] Satisfactory [2] Modest Strong bbb+ Comparable ratings analysis: Positive (+1 notch)
10

Sika AG

A- Negative a- [2] Strong [3] Intermediate Strong a-
11

Evonik Industries

BBB+ Stable bbb+ [2] Strong [3] Intermediate Strong bbb+
12

Akzo Nobel N.V.

BBB+ Stable bbb+ [3] Satisfactory [1] Minimal Strong a Financial policy: Negative (-2 notches)
13

Formosa Plastics Corp. U.S.A.

BBB+ Stable bbb+ [3] Satisfactory [1] Minimal Strong a- Management & governance: Fair (-1 notch)
14

NewMarket Corp.

BBB+ Stable bbb+ [3] Satisfactory [1] Minimal Strong a- Financial policy: Negative (-1 notch)
15

Arkema S.A.

BBB+ Stable bbb+ [3] Satisfactory [2] Modest Strong bbb+
16

Sociedad Quimica y Minera de Chile S.A.

BBB+ Stable bbb+ [3] Satisfactory [2] Modest Strong bbb+
17

Formosa Petrochemical Corp.*

BBB+ Stable N.A [3] Satisfactory [3] Intermediate Adequate bbb Capital structure: Positive (+1 notch)
18

Nan Ya Plastics Corp.*

BBB+ Stable N.A [3] Satisfactory [3] Intermediate Adequate bbb Capital structure: Positive (+1 notch)
19

Formosa Plastics Corp.

BBB+ Stable bbb+ [3] Satisfactory [3] Intermediate Adequate bbb Capital structure: Positive (+1 notch)
20

LG Chem Ltd.

BBB+ Stable bbb+ [3] Satisfactory [3] Intermediate Adequate bbb Comparable ratings analysis: Positive (+1 notch)
21

Borealis AG

BBB+ Stable bbb [3] Satisfactory [3] Intermediate Strong bbb
22

Sinochem International Corp.

BBB+ Stable bb- [4] Fair [5] Aggressive Adequate bb-
23

PPG Industries Inc.

BBB+ Negative bbb+ [2] Strong [3] Intermediate Strong bbb+
24

Chevron Phillips Chemical Co. LLC

BBB+ Negative bbb [3] Satisfactory [3] Intermediate Adequate bbb
25

PTT Global Chemical Public Co. Ltd.

BBB+ Negative bbb- [3] Satisfactory [3] Intermediate Adequate bbb-
26

DuPont de Nemours Inc.

BBB+ Watch Neg bbb+ [2] Strong [4] Significant Adequate bbb Comparable ratings analysis: Positive (+1 notch)
27

Solvay S.A.

BBB Stable bbb [2] Strong [4] Significant Strong bbb
28

LANXESS AG

BBB Stable bbb [3] Satisfactory [3] Intermediate Strong bbb
29

Incitec Pivot Ltd.

BBB Stable bbb [3] Satisfactory [3] Intermediate Strong bbb
30

Orica Ltd.

BBB Stable bbb [3] Satisfactory [3] Intermediate Strong bbb
31

Yara International ASA

BBB Stable bbb [3] Satisfactory [3] Intermediate Adequate bbb
32

Wanhua Chemical Group Co. Ltd.

BBB Stable bbb [3] Satisfactory [3] Intermediate Adequate bbb
33

Nutrien Ltd.

BBB Stable bbb [3] Satisfactory [4] Significant Strong bbb- Comparable ratings analysis: Positive (+1 notch)
34

Hanwha Total Petrochemical Co. Ltd.

BBB Stable bbb- [3] Satisfactory [3] Intermediate Adequate bbb-
35

Shanghai Huayi (Group) Co.

BBB Stable bb+ [4] Fair [4] Significant Adequate bb Capital structure: Positive (+1 notch)
36

China National Chemical Corp. Ltd.

BBB Stable bb [3] Satisfactory [6] Highly leveraged Adequate b+ Diversification effect: Moderate (+1 notch). Comparable ratings analysis: Positive (+1 notch)
37

China National Bluestar (Group) Co. Ltd.

BBB Stable b+ [3] Satisfactory [6] Highly leveraged Adequate b+
38

EQUATE Petrochemical Co K.S.C.C.

BBB Negative bb [3] Satisfactory [5] Aggressive Strong bb
39

Eastman Chemical Co.

BBB- Stable bbb- [2] Strong [4] Significant Strong bbb Comparable ratings analysis: Negative (-1 notch)
40

RPM International Inc.

BBB- Stable bbb- [2] Strong [4] Significant Strong bbb Comparable ratings analysis: Negative (-1 notch)
41

Sherwin-Williams Co.

BBB- Stable bbb- [2] Strong [4] Significant Strong bbb Comparable ratings analysis: Negative (-1 notch)
42

Syngenta AG

BBB- Stable bbb- [2] Strong [4] Significant Adequate bbb Comparable ratings analysis: Negative (-1 notch)
43

Albemarle Corp.

BBB- Stable bbb- [2] Strong [5] Aggressive Strong bb+ Comparable ratings analysis: Positive (+1 notch)
44

The Dow Chemical Co.

BBB- Stable bbb- [2] Strong [5] Aggressive Strong bb+ Comparable ratings analysis: Positive (+1 notch)
45

Orbia Advance Corp. S.A.B. de C.V

BBB- Stable bbb- [3] Satisfactory [3] Intermediate Strong bbb-
46

Cabot Corp.

BBB- Stable bbb- [3] Satisfactory [3] Intermediate Strong bbb Comparable ratings analysis: Negative (-1 notch)
47

Imerys SA

BBB- Stable bbb- [3] Satisfactory [4] Significant Strong bbb-
48

Celanese US Holdings LLC

BBB- Stable bbb- [3] Satisfactory [4] Significant Strong bbb-
49

LyondellBasell Industries N.V.

BBB- Stable bbb- [3] Satisfactory [4] Significant Strong bbb-
50

Westlake Chemical Corp.

BBB- Stable bbb- [3] Satisfactory [4] Significant Strong bbb-
51

FMC Corp.

BBB- Stable bbb- [3] Satisfactory [4] Significant Strong bbb-
52

ICL Group Ltd.

BBB- Stable bbb- [3] Satisfactory [4] Significant Adequate bbb-
53

Clariant AG

BBB- Stable bbb- [3] Satisfactory [4] Significant Adequate bbb-
54

PhosAgro PJSC

BBB- Stable bbb- [4] Fair [2] Modest Adequate bbb-
55

Huayi Group (Hong Kong) Ltd.

BBB- Stable b- [6] Vulnerable [6] Highly leveraged Adequate b-
56

SK Global Chemical Co. Ltd.

BBB- Negative bbb- [3] Satisfactory [3] Intermediate Adequate bbb-
57

UPL Corp. Ltd.

BBB- Negative bbb- [3] Satisfactory [4] Significant Strong bbb-
58

The Mosaic Co.

BBB- Negative bbb- [3] Satisfactory [4] Significant Strong bbb-
59

OCP S.A.

BBB- Negative bbb- [3] Satisfactory [4] Significant Adequate bbb-
60

Sibur Holding PJSC

BBB- Negative bbb- [4] Fair [2] Modest Adequate bbb-
61

Alpek S.A.B. de C.V.

BB+ Stable bb+ [4] Fair [3] Intermediate Strong bb+
62

Huntsman Corp.

BB+ Stable bb+ [4] Fair [3] Intermediate Strong bb+
63

J.M. Huber Corp.

BB+ Stable bb+ [4] Fair [3] Intermediate Adequate bb+
64

Braskem S.A.

BB+ Stable bb+ [3] Satisfactory [4] Significant Strong bbb- Comparable ratings analysis: Negative (-1 notch)
65

CF Industries Inc.

BB+ Stable bb+ [3] Satisfactory [4] Significant Strong bb+
66

SPCM S.A.

BB+ Stable bb+ [3] Satisfactory [4] Significant Adequate bb+
67

INVISTA Equities, LLC

BB+ Stable bb [5] Weak [3] Intermediate Adequate bb
68

Orano

BB+ Stable b+ [3] Satisfactory [6] Highly leveraged Strong b+ Liquidity: Strong (+1 notch). Comparable ratings analysis: Negative (-1 notch)
69

Ashland Global Holdings Inc.

BB+ Negative bb+ [3] Satisfactory [4] Significant Strong bb+
70

GCP Applied Technologies Inc.

BB Stable bb [4] Fair [3] Intermediate Adequate bb+ Comparable ratings analysis: Negative (-1 notch)
71

Orion Engineered Carbons S.A.

BB Stable bb [4] Fair [4] Significant Strong bb
72

Synthomer PLC

BB Stable bb [4] Fair [4] Significant Adequate bb
73

Minerals Technologies Inc.

BB Stable bb [4] Fair [4] Significant Adequate bb
74

H.B. Fuller Co.

BB Stable bb [3] Satisfactory [5] Aggressive Strong bb
75

Axalta Coating Systems Ltd.

BB Stable bb [3] Satisfactory [5] Aggressive Adequate bb
76

Avient Corp.

BB Negative bb [4] Fair [4] Significant Strong bb
77

CYDSA, S.A.B. de C.V.

BB Negative bb [4] Fair [4] Significant Adequate bb
78

Cabot Microelectronics Corp.

BB Negative bb [4] Fair [4] Significant Adequate bb
79

Methanex Corp.

BB Negative bb [3] Satisfactory [5] Aggressive Strong bb
80

OCI N.V.

BB Negative bb [3] Satisfactory [5] Aggressive Adequate bb
81

W.R. Grace & Co.

BB Negative bb [3] Satisfactory [5] Aggressive Adequate bb
82

Ineos Styrolution Holding Ltd.

BB Watch Neg bb+ [4] Fair [3] Intermediate Adequate bb+
83

Ineos Group Holdings S.A.

BB Watch Neg bb [3] Satisfactory [5] Aggressive Strong bb
84

EuroChem Group AG

BB- Positive bb- [4] Fair [4] Significant Adequate bb Comparable ratings analysis: Negative (-1 notch)
85

Albaugh LLC

BB- Stable bb- [5] Weak [4] Significant Adequate bb-
86

Messer Industries GmbH

BB- Stable bb- [3] Satisfactory [5] Aggressive Adequate bb Financial policy: Negative (-1 notch)
87

Yingde Gases Group Co. Ltd.

BB- Stable bb- [4] Fair [5] Aggressive Adequate bb-
88

Nufarm Ltd.

BB- Stable bb- [5] Weak [5] Aggressive Adequate b+ Comparable ratings analysis: Positive (+1 notch)
89

Ascend Performance Materials Operations LLC

BB- Stable bb- [5] Weak [5] Aggressive Adequate b+ Comparable ratings analysis: Positive (+1 notch)
90

Element Solutions Inc.

BB- Negative bb- [4] Fair [5] Aggressive Adequate bb-
91

Olin Corp.

BB- Negative bb- [3] Satisfactory [6] Highly leveraged Adequate b+ Comparable ratings analysis: Positive (+1 notch)
92

NOVA Chemicals Corp.

BB- Negative b+ [3] Satisfactory [6] Highly leveraged Adequate b+
93

Inovyn Ltd.

BB- Watch Neg bb- [4] Fair [4] Significant Adequate bb Comparable ratings analysis: Negative (-1 notch)
94

Uralkali PJSC

BB- Watch Neg bb- [4] Fair [5] Aggressive Adequate bb-
95

Specialty Chemicals International B.V.

B+ Stable b+ [4] Fair [5] Aggressive Adequate bb- Comparable ratings analysis: Negative (-1 notch)
96

Composite Resins Subholding B.V

B+ Stable b+ [5] Weak [5] Aggressive Adequate b+
97

Unigel Participacoes S.A.

B+ Stable b+ [5] Weak [5] Aggressive Adequate b+
98

Nouryon Holding B.V.

B+ Stable b+ [3] Satisfactory [6] Highly leveraged Strong b+
99

PQ Corp.

B+ Stable b+ [3] Satisfactory [6] Highly leveraged Adequate b+
100

Rain Carbon Inc.

B+ Negative b+ [4] Fair [5] Aggressive Adequate bb- Comparable ratings analysis: Negative (-1 notch)
101

The Chemours Co. Co.

B+ Negative b+ [4] Fair [5] Aggressive Adequate bb- Comparable ratings analysis: Negative (-1 notch)
102

Ferro Corp.

B+ Negative b+ [4] Fair [5] Aggressive Adequate bb- Comparable ratings analysis: Negative (-1 notch)
103

Kraton Corp

B+ Negative b+ [5] Weak [5] Aggressive Adequate b+
104

Consolidated Energy Ltd.

B+ Negative b+ [4] Fair [6] Highly leveraged Adequate b Comparable rating analysis: Positive (+1 notch)
105

Nitrogenmuvek Zrt.

B Stable b [5] Weak [5] Aggressive Adequate b+ Comparable ratings analysis: Negative (-1 notch)
106

Innophos Holdings Inc.

B Stable b [4] Fair [6] Highly leveraged Adequate b
107

Root Bidco S.a.r.l.

B Stable b [4] Fair [6] Highly leveraged Adequate b
108

Cyanco Intermediate 2 Corp.

B Stable b [5] Weak [6] Highly leveraged Adequate b
109

ASP Emerald Holdings LLC

B Stable b [5] Weak [6] Highly leveraged Adequate b
110

K+S AG

B Negative b [3] Satisfactory [6] Highly leveraged Less than adequate b+ Comparable ratings analysis: Negative (-1 notch)
111

Allnex (Luxembourg) & Cy SCA

B Negative b [4] Fair [6] Highly leveraged Adequate b
112

Koppers Holdings Inc.

B Negative b [4] Fair [6] Highly leveraged Less than adequate b
113

CVR Partners, LP

B Negative b [5] Weak [6] Highly leveraged Adequate b
114

BCP VII Jade Topco (Cayman) Ltd.

B Negative b [5] Weak [6] Highly leveraged Adequate b
115

Seqens Group Holding

B Negative b [5] Weak [6] Highly leveraged Adequate b
116

PLZ Aeroscience Corp.

B Negative b [5] Weak [6] Highly leveraged Adequate b
117

Trinseo S.A.

B Negative b [5] Weak [6] Highly leveraged Adequate b
118

Tronox Ltd.

B Negative b [5] Weak [6] Highly leveraged Adequate b
119

Tata Chemicals North America Inc.

B Negative b- [5] Weak [5] Aggressive Weak b+ Capital structure: Negative (-1 notch). Liquidity: Weak (-1 notch). Comparable ratings analysis: Negative (-1 notch)
120

Momentive Performance Materials Inc.

B Negative b- [5] Weak [6] Highly leveraged Adequate b- Financial policy: Negative (-1 notch)
121

Braskem Idesa, S.A.P.I.

B Watch Neg b [4] Fair [6] Highly leveraged Adequate b
122

OQ Chemicals International Holding GmbH

B- Stable b [4] Fair [6] Highly leveraged Adequate b
123

Pandita Industries Ltd.

B- Stable b- [6] Vulnerable [5] Aggressive Less than adequate b Capital structure: Negative (-1 notch). Comparable ratings analysis: Negative (-1 notch)
124

Rohm HoldCo II GmbH

B- Stable b- [4] Fair [6] Highly leveraged Adequate b Comparable ratings analysis: Negative (-1 notch)
125

Atotech UK Topco Ltd.

B- Stable b- [4] Fair [6] Highly leveraged Adequate b Comparable ratings analysis: Negative (-1 notch)
126

Monitchem Holdco 2 S.A.

B- Stable b- [4] Fair [6] Highly leveraged Adequate b Comparable ratings analysis: Negative (-1 notch)
127

Aruba Investments Holdings LLC

B- Stable b- [4] Fair [6] Highly leveraged Adequate b Comparable ratings analysis: Negative (-1 notch)
128

Diamond (BC) B.V.

B- Stable b- [4] Fair [6] Highly leveraged Adequate b Comparable ratings analysis: Negative (-1 notch)
129

Archroma Holdings S.à r.l.

B- Stable b- [5] Weak [6] Highly leveraged Adequate b-
130

Centrient Holding B.V.

B- Stable b- [5] Weak [6] Highly leveraged Adequate b-
131

Venator Materials PLC

B- Stable b- [5] Weak [6] Highly leveraged Adequate b-
132

Fire (BC) S.a r.l.

B- Stable b- [5] Weak [6] Highly leveraged Adequate b-
133

Ignition Topco BV

B- Stable b- [5] Weak [6] Highly leveraged Adequate b-
134

AgroFresh Inc.

B- Stable b- [5] Weak [6] Highly leveraged Adequate b-
135

CPG Intermediate LLC

B- Stable b- [5] Weak [6] Highly leveraged Adequate b-
136

Innovative Chemical Products Group

B- Stable b- [5] Weak [6] Highly leveraged Adequate b-
137

Kronos Worldwide Inc.

B- Negative b [5] Weak [6] Highly leveraged Adequate b
138

SK Blue Holdings LP

B- Negative b- [4] Fair [6] Highly leveraged Adequate b Comparable ratings analysis: Negative (-1 notch)
139

SK Invictus Intermediate II S.a r.l.

B- Negative b- [4] Fair [6] Highly leveraged Adequate b Comparable ratings analysis: Negative (-1 notch)
140

Perstorp Holding AB (publ)

B- Negative b- [5] Weak [6] Highly leveraged Adequate b-
141

ASP Chromaflo Holdings LP

B- Negative b- [5] Weak [6] Highly leveraged Adequate b-
142

Calumet Specialty Products Partners L.P.

B- Negative b- [5] Weak [6] Highly leveraged Adequate b-
143

Hexion Inc.

B- Negative b- [5] Weak [6] Highly leveraged Adequate b-
144

Solenis UK International Ltd.

B- Negative b- [5] Weak [6] Highly leveraged Adequate b-
145

Cornerstone Chemical Co.

B- Negative b- [5] Weak [6] Highly leveraged Less than adequate b-
146

Road Infrastructure Investment Holdings Inc.

CCC+ Watch Pos N.A. N.A. N.A. N.A. N.A.
147

Grupo Idesa, S.A. de C.V.

CCC+ Stable N.A. N.A. N.A. N.A. N.A.
148

PMHC II Inc.

CCC+ Stable N.A. N.A. N.A. N.A. N.A.
149

DCG Acquisition Corp.

CCC+ Negative N.A. N.A. N.A. N.A. N.A.
150

Flint HoldCo S.a r.l.

CCC+ Negative N.A. N.A. N.A. N.A. N.A.
151

FXI Holdings, Inc.

CCC+ Negative N.A. N.A. N.A. N.A. N.A.
152

Vantage Specialty Chemicals Inc.

CCC+ Negative N.A. N.A. N.A. N.A. N.A.
153

Zep Inc.

CCC+ Negative N.A. N.A. N.A. N.A. N.A.
154

LSB Industries Inc.

CCC Negative N.A. N.A. N.A. N.A. N.A.
155

Polymer Additives Holdings, Inc.

CCC Negative N.A. N.A. N.A. N.A. N.A.
156

TPC Group, Inc.

CCC Negative N.A. N.A. N.A. N.A. N.A.
157

UFS Holdings Inc.

CCC Negative N.A. N.A. N.A. N.A. N.A.
*The core operating units of the Formosa Plastics group have not been assigned an SACP. LT--Long term. SACP--Stand-alone credit profile. N.A.--Not available.

The table and charts in this publication provide an overview of the 157 entities we rate in the global chemical industry. We rate 60 entities as investment grade ('BBB-' and above) and 97 entities as speculative grade ('BB+' and below).

About 62% of chemical companies carry ratings below 'BBB-'. About 40% of these companies are owned by financial sponsors and carry comparatively higher financial risk.

Chart 1

image

Our current outlook bias is negative. About 40% of ratings either have a negative outlook or are on CreditWatch negative, mainly due to the COVID-19 pandemic and falling crude oil prices. Both these factors have put significant strain on companies' financial position, especially that of speculative-grade issuers.

Chart 2

image

Our business risk profile assessments typically mirror our view of competitive position in this sector (see chart 3). Where they diverge, it is usually because we consider country risk higher, and this constrains the business risk profile.

Chart 3

image

The most common financial risk profile assessments in this sector are significant and highly leveraged (see chart 4). Over 65% of the issuers with significant assessments have relatively high business risk assessments of satisfactory or above, and about 60% of them carry an investment-grade rating.

The highly leveraged assessments typically reflect companies with stretched balance sheets and sponsor-backed holding company loans. Companies with stretched balance sheets are most vulnerable in an economic crisis. About 90% of companies with a highly leveraged assessment are rated 'B+' or lower.

Chart 4

image

Roughly 37% of the ratings incorporate one or more modifiers. Most often, this is the comparable ratings analysis that we use for credit considerations that we have not already factored into the ratings. In the remaining cases, our assessment of a company's financial policy refines the view of a company's risks beyond the conclusions arising from the standard assumptions in the cash flow/leverage assessment. This could, for example, capture the risks related to a company's appetite for large-scale debt-financed mergers and acquisitions or shareholder distributions that cannot be confidently predicted with regard to amount and timing.

We consider most of our rated chemical issuers to have liquidity that is adequate or better (see chart 5). This reflects the sector's good access to debt markets. Typically, the amount of cash that chemical companies maintain, combined with their cash generation and liquidity resources, will cover the uses of cash to which they have committed over the next 12 months by 1.2x or more.

Chart 5

image

The ratings and scores in this document are as of Dec. 31, 2020.

Related Criteria

Related Research

This report does not constitute a rating action.

Primary Credit Analyst:Oliver Kroemker, Frankfurt + 49 693 399 9160;
oliver.kroemker@spglobal.com
Secondary Contacts:Paul J Kurias, New York + 1 (212) 438 3486;
paul.kurias@spglobal.com
Danny Huang, Hong Kong + 852 2532 8078;
danny.huang@spglobal.com
Felipe Speranzini, Sao Paulo + 55 11 3039 9751;
felipe.speranzini@spglobal.com
Research Contributor:Raju Sharma, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
Additional Contact:Industrial Ratings Europe;
Corporate_Admin_London@spglobal.com

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