Rhodia: a chemical hazard
French chemical manufacturer Rhodia risks further deterioration in its credit profile and may breach financial covenants by the end of the year. How much worse can it get for the beleaguered company?
Rhodia’s fortunes took a turn for the worse last month. Continued deterioration in the French chemical manufacturer’s earnings resulted in the resignation of CEO, Jean-Pierre Tirouflet.
Although Tirouflet’s departure reassured the market somewhat, moves by the rating agencies focused investors’ attention on Rhodia’s problems. Standard & Poor’s cut Rhodia’s rating two notches to BB- with a negative outlook, while Moody’s placed the company’s Ba2 rating on review for downgrade, saying
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