S&P: Celanese view now positive

Standard & Poor’s said it revised its outlook on Celanese US Holdings LLC and CNA Holdings LLC to positive from stable and affirmed the BB+ corporate credit ratings on the companies.

S&P also affirmed the BBB rating on Celanese’s senior secured term loans and the BB+ rating on the company’s senior unsecured debt. The 1 recovery ratings on the secured debt indicates an expectation of very high (90% to 100%) recovery if a default occurs. A 3 recovery rating on the unsecured debt indicates an expectation of meaningful (lower half of the 50% to 70% range) recovery if a default occurs.

“The outlook revision reflects our expectation that Celanese’s productivity and operating efficiency initiatives, along with continued growth in its business segments, will offset the likely negative potential for raw material price volatility and a stronger dollar in 2015 to support strengthening credit measures,” said S&P credit analyst Sebastian Pinto-Thomaz in a news release.

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