Rhodia: a chemical hazard

Credit of the month

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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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