Polish Rubber And Styrenics Maker Synthos 'BB' Ratings Withdrawn At The Company's Request

FRANKFURT (S&P Global Ratings) Oct. 24, 2018--S&P Global Ratings today withdrew its long-term issuer credit ratings on Poland-based producer of synthetic rubbers and styrenics Synthos S.A. and on its finance subsidiary Synthos Finance A.B. at the company's request. At the time of the withdrawal, the ratings were 'BB', and the outlook on the ratings was stable. We also withdrew our 'BB' issue rating on the €400 million 4% senior unsecured notes due 2021 issued by Synthos Finance A.B., which have been fully redeemed. The ratings before the withdrawal reflected our expectation that Synthos should be able to balance its substantial investment spending and dividend payments against robust internal cash flow generation amid very supportive industry conditions. We also forecasted the

...FRANKFURT (S&P Global Ratings) Oct. 24, 2018--S&P Global Ratings today withdrew its long-term issuer credit ratings on Poland-based producer of synthetic rubbers and styrenics Synthos S.A. and on its finance subsidiary Synthos Finance A.B. at the company's request. At the time of the withdrawal, the ratings were '##', and the outlook on the ratings was stable. We also withdrew our '##' issue rating on the 400 million 4% senior unsecured notes due 2021 issued by Synthos Finance A.B., which have been fully redeemed. The ratings before the withdrawal reflected our expectation that Synthos should be able to balance its substantial investment spending and dividend payments against robust internal cash flow generation amid very supportive industry conditions. We also forecasted the company would maintain S&P Global Ratings-adjusted debt to EBITDA at around 2.5x in 2018-2019, in line with the 2x-3x we view as commensurate with the rating. RELATED CRITERIA + Criteria - Corporates - General: Methodology...

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