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Moody's: Chemical companies offer bond investors little protection

12:43 PM MDT | March 28, 2013 | Vincent Valk

Despite the industry’s cyclicality and environmental risks, North American chemical companies tend to offer weak covenants on high-yield bonds, according to a new report from Moody’s Investors Service (New York), the credit ratings concern. The report judged covenant quality across 18 non-financial sectors of the economy and found that chemical had the weakest covenants to protect investors from risks such as bad investments, cash leakage and debt incurrence.   "Our review of 24 chemical bond deals in our High-Yield Covenant Database...

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