ICI prospects looking bleak

Limited upside potential

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Lack of cashflow and £3.1 billion net debt is not the best backdrop for a chemical company in the current economic environment. Nevertheless ICI managed to deliver an upbeat set of Q3 results last month, which highlighted the benefits of an improved portfolio mix over past years and greater dependence on more stable specialty and consumer businesses. But how safe are the Baa2-/BBB ratings?

ICI is not expected to generate any meaningful and sustainable cashflow until at least 2003, in

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