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S&P Downgrades Nova’s Ratings on Liquidity Concerns

2:02 PM MST | February 2, 2009 | Nancy Seewald

Standard & Poor’s (S&P) lowered Nova Chemicals’ long-term corporate credit and senior unsecured debt ratings to CCC+ from B+, and has placed Nova on CreditWatch with negative implications. Nova’s stock tumbled 30% today, bottoming out at $1.18/share. “The three-notch downgrade reflects what we view as Nova’s liquidity issues in light of the large debt maturities it faces in the next 18 months, heightened risk of covenant violation in the second half of 2009, and expectations of weak cash flow generation because of what we see...

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