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SABIC Downgraded By Moody Over GE Buy

16 Aug

 source: http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-18927246.htm

SABIC Innovative’s provisional debt ratings cut on higher secured debt – Moody’s

MUMBAI, Aug. 15, 2007 (Thomson Financial delivered by Newstex) — Moody’s downgraded the provisional ratings on the proposed senior secured term loans and asset-based revolving facility of SABIC Innovative Plastics Holding BV to ‘(P)Ba2/LGD 3’ (41 pct) from ‘(P)Ba1/LGD 3’ (34 pct).

The revision reflects recent changes to the financing package for the acquisition of GE’s (NYSE:GE) Plastics division resulting in secured debt representing a higher proportion of the overall debt capital structure.

The outlook remains stable.

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

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1 Comment

Posted by on August 16, 2007 in The Business

 

One response to “SABIC Downgraded By Moody Over GE Buy

  1. mel ettenson

    August 16, 2007 at 3:12 pm

    Will SIP ( Sabic Innovative Plastics ) continue offering innovative products at the pace they did as GEP? SIP has the use of the most valuable brands such as Lexan, Noryl, Ultem etc but how will it sound offered by SIP not GE?

    On the other hand SIP now has much polyolefin resin to sell as SABIC is now the leading global producer of PE and PP. Will extrusions from these commodity resins become part of SIP’s offerings? Few resin producers have been as successful as GEP integrating forwards into sheet.

    We’ll all be watching.

     

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