S&P lifts Wanhua Chemical view to stable

S&P said it revised the outlook on Wanhua Chemical Group Co. Ltd. to stable from negative.

The agency also said it revised the long-term Greater China regional scale rating on Wanhua to cnA- from cnBBB+ and affirmed its BBB- long-term corporate credit.

S&P also affirmed the BBB- long-term issue ratings on the outstanding senior unsecured notes that Wanhua guarantees, and revised the Greater China regional scale rating on the notes to cnA- from cnBBB+.

The revisions reflect an expectation that Wanhua will maintain the strong improvement in its business performance over 2017 through 2018 due to a firm recovery in the global methylene diphenyl diisocyanate (MDI) niche segment, S&P explained.

Wanhua can continue to benefit from favorable market conditions with good product spreads in 2017, at least, the agency said.

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