S&P cuts Celanese US

S&P said it downgraded Celanese US Holdings LLC and its issue-level ratings to BBB- from BBB.

“The rating downgrade reflects our view that 2020 demand and pricing for Celanese's engineering materials and acetyl products will weaken as a direct result of a global economic downturn. We anticipate the key ratio of FFO to total debt will decline on a weighted average basis to levels in the mid to higher end of the 20%-30% range we consider appropriate for the rating,” said S&P in a press release.

The outlook is stable.

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