Anton78 schreef op 26 mei 2020 22:59:
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m.moodys.com/research/Moodys-downgrad...Moody's downgrades Natgasoline to B1, outlook negativeGlobal Credit Research - 26 May 2020
New York, May 26, 2020 -- Moody's Investors Service, ("Moody's") downgraded the CFR ratings of Natgasoline LLC ("Natgasoline") to B1 from Ba3 and the ratings on the senior secured bank credit facility to B1 from Ba3. The downgrades reflect the weaker than expected earnings, cash flow and operating reliability from the company's single plant operation in Beaumont, Texas since the new plant was completed and started up in late 2018. The downgrade also reflects the weaker credit profile and recent negative rating actions of its two parent sponsors, OCI N.V. (Ba2, negative) and Consolidated Energy Finance, S.A. ("CEF", B1, negative). The outlook on Natgasoline's ratings is changed to negative from stable.
"The Covid 19 impact on miles driven and construction markets have reduced the demand for methanol and caused prices to fall to cyclically low levels, impacting earnings and cash flow of Natagasoline as well as its two parent sponsors," according to Joseph Princiotta, SVP at Moody's. "Unscheduled operating downtime, significant last year and additional downtime again this year, continues to be a drag on performance of this new worldscale plant," Princiotta added.