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Fitch Completes IDRs For U.S. Chemicals Sector
Wednesday October 5, 3:36 pm ET

CHICAGO--(BUSINESS WIRE)--Oct. 5, 2005--Fitch Ratings has completed its assignment of Issuer Default Ratings (IDRs) for its U.S. chemicals sector coverage. This release completes the IDR assignment that began with the Aug. 9, 2005 release of IDRs and recovery ratings for 'B+' and lower rated companies.

The IDR reflects the ability of an issuer to meet all financial commitments on a timely basis, effectively becoming the benchmark probability of default. Securities in an issuer's capital structure will be rated higher, lower, or the same as the IDR on the basis of their relative recovery prospects. The process of establishing ratings for the obligations of issuers rated between 'AAA' and 'BB-' will refer for the most part, to aggregate recoveries on the defaulted bond market as a whole and not to issuer-specific analysis since default is not imminent and the enterprise value and capital structure will likely change over time. For this reason, recovery assessments and thus individual issue ratings will be based more on the long-term averages of recovery for that type of security, after giving consideration to additional issues such as collateral value, relative subordination and other determinants of recovery.

The table below details the IDR assignment for the full list of Fitch's coverage for the U.S. Corporate Finance chemicals sector rated between 'AAA' and 'BB-'. Fitch's rating definitions and the terms of use of such ratings are available at www.fitchratings.com. Published ratings criteria and methodologies as well as other relevant policies and procedures are available from this site, at all times.

  • Dow Chemical Company 'A-';
  • DuPont 'AA-';
  • Eastman Chemicals 'BBB';
  • Engelhard 'A-';
  • Georgia Gulf Corp. 'BB';
  • Kronos International 'BB';
  • Methanex 'BBB';
  • Lubrizol Corporation 'BBB-';
  • Mosaic Company 'BB-';
  • Mosaic Global Holdings 'BB-';
  • Phosphate Acquisition Partnership LP 'BB-';
  • Monsanto 'A-';
  • Nova Chemicals 'BB+';
  • Rohm & Haas 'A-';
  • Union Carbide Corp 'A-';
  • UOP LLC 'A-';
  • Valhi, Inc. 'BB-'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Source: Fitch Ratings

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