Petrochemical Companies' Credit Ratings Improve from Low Natural Gas Prices

The drop in natural gas prices due to new shale-related drilling and extraction will be a positive factor for the credit ratings of U.S. petrochemical companies, according to a recent report by Standard and Poors (S&P). Chemical makers in the U.S. use more natural gas liquids (NGLs) than competitors in Europe and Asia who primarily use oil-based naphtha. The natural gas and NGLs price drop has moved North America down the global cost curve, making them have the second lowest production costs after the Middle East, S&P says. This has spurred a wave of...

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