Research Update: Clariant AG 'BBB-/A-3' Ratings Affirmed; Outlook Stable; M&G Score Revised To Fair; New Debt Rated

In February, specialty chemicals producer Clariant AG announced an investigation into accounting matters relating to the booking of accruals and provisions in the 2020 and 2021 financial years and delayed the publication of its 2021 results. At the time, we said that the outcome of the investigation may impact our view of the company's governance (see "Clariant AG's Announced Investigation Into Accounting Matters May Affect Our View Of Its Governance," published on Feb. 15, 2022). The conclusion of the investigation led to a restatement of the 2020 financial statements and a qualified opinion from the auditor due to deficiencies identified in an internal controls system over financial reporting. We therefore revised Clariant's management and governance (M&G) score to fair from

...- In February, specialty chemicals producer Clariant AG announced an investigation into accounting matters relating to the booking of accruals and provisions in the 2020 and 2021 financial years and delayed the publication of its 2021 results. At the time, we said that the outcome of the investigation may impact our view of the company's governance (see "Clariant AG's Announced Investigation Into Accounting Matters May Affect Our View Of Its Governance," published on Feb. 15, 2022). - The conclusion of the investigation led to a restatement of the 2020 financial statements and a qualified opinion from the auditor due to deficiencies identified in an internal controls system over financial reporting. - We therefore revised Clariant's management and governance (M&G) score to fair from satisfactory. The company continues to benefit from an experienced management team and a comprehensive strategic plan with specific financial and operational goals. - We have therefore affirmed our '###-' long-term...

Research Update