Synthos' sales declined by 32% in the first nine months of 2023 compared to the same period in 2022. Tire sales reduced in Europe, and high interest rates along with soaring building costs have significantly reduced the demand for new buildings. At the same time, the price of butadiene dropped significantly in Europe and the U.S., and the price spread between naphtha and butadiene has reduced, leading to weaker profitability of butadiene production. Styrene monomer European contract prices are also weaker than in 2022, leading to lower revenue from insulation materials than last year. We project that S&P Global Ratings-adjusted debt to EBITDA will increase to about 4x in 2023, from 1.8x in 2022, which leaves limited rating headroom in
