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Sumitomo and Mitsui’s Rating Outlook Lowered to Negative

4:31 AM MST | February 17, 2009 | Deepti Ramesh

Moody’s says it has changed the outlook of the unsecured debt rating and issuer rating of Sumitomo Chemical from stable to negative and has also lowered the outlook of Mitsui Chemicals’ unsecured long-term debt rating to negative from stable. “This rating action is based on Moody’s view that Sumitomo Chemical’s operating performance is likely to stay under pressure, given the state of the market, which includes unsteady naphtha prices and sharp drops in demand, specifically for basic chemicals, petrochemicals and IT-related chemicals...

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