...- Swiss-listed Clariant AG has significant rating headroom and a broad portfolio of specialty chemical products that should prove resilient and help it weather the more challenging macroeconomic environment in 2020. - While the divestment of its masterbatches business should be effective toward the end of second-quarter 2020, we note the proceeds will be paid out as an extraordinary dividend. The divestment of the pigments business is still underway, with the proceeds to be used to reduce debt and allow for growth. - We are affirming our '###-' issuer credit rating and issue ratings on the company's debt instruments. Clariant's short-term rating is 'A-3'. - Our stable outlook on Clariant reflects our expectation for a still-resilient operating performance in 2020, with funds from operations (FFO) to debt at the higher end of the 20%-30% range we see as commensurate with the current rating. We also acknowledge management's commitment to the rating, and therefore assume that dividend distributions...
