IHS Chemical Week

Chemical Week Magazine :: Business & Finance :: United States/Americas

Moody’s: Chemical industry bonds offer weak credit protection

6:11 AM MDT | March 29, 2013 | —Vincent Valk

North American chemical company high-yield bond offerings tend to come with weak covenants relative to other sectors, according to a report from Moody’s Investors Service (New York), the credit ratings concern. The report judged covenant quality across 18 nonfinancial sectors of the economy and found that chemical industry bonds also had the weakest covenants for protection against restricted payments, investments in risky assets, debt incurrence, and changes of control. “Our review of 24 chemical bond deals in our high-yield covenant database revealed that...

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