08.03.18
The international rating agency Moody’s Investors Service has upgraded the corporate family rating for the chemical company Oxea from B3 to B2. At the same time, Moody’s upgraded the rating of Oxea’s €475 million and $500 million senior secured term loans to B2 from B3. The outlook on all ratings was described as stable. The upgrade reflects Oxea’s better than expected operating performance over the past 12 months, including safely completing the turnaround at the plant in Oberhausen, Germany.
Moody’s cited a good liquidity profile and a strong shareholder as additional factors contributing to the rating increase.
“We are pleased that in recognition of Oxea’s sustained strong performance, Moody’s has upgraded our credit ratings to B2. It acknowledges the significant deleveraging over the past two years and the success of our selective growth strategy driven by our CEO Dr. Salim Al Huthaili,” said Stefan Schmidt, Oxea’s chief financial officer. “This further encourages us to continue to invest in the expansion of our global capacities to support the attractive market growth for oxo derivatives.”
Moody’s cited a good liquidity profile and a strong shareholder as additional factors contributing to the rating increase.
“We are pleased that in recognition of Oxea’s sustained strong performance, Moody’s has upgraded our credit ratings to B2. It acknowledges the significant deleveraging over the past two years and the success of our selective growth strategy driven by our CEO Dr. Salim Al Huthaili,” said Stefan Schmidt, Oxea’s chief financial officer. “This further encourages us to continue to invest in the expansion of our global capacities to support the attractive market growth for oxo derivatives.”
