European debt issue has not affected global chemical market recovery
The United States "Chemical Weekly" reported that Moody's Investors Service (New York) recently stated in its report that due to the drop in raw material prices, the global chemical industry showed a better trend in 2012. The economic recession in Europe poses a great threat to the growth of the industry, especially to regional petrochemical producers. Uncertainty in Europe's budget and debt problems and weak US economy will cause global raw material prices to be curbed and profits in the chemical industry will rebound. At the same time, the weak economy in Europe is the biggest factor affecting the prospects of some chemical companies. In particular, bulk chemicals companies will experience periods of low demand and low profits. This round of industry downturn will prompt the rationalization of the production capacity of most bulk chemicals and plastics (polyethylene, polypropylene, polyvinyl chloride, and polystyrene). On the other hand, Moody's predicts that there will be strong growth in emerging markets such as China and India, while the North American market will see moderate growth under the support of low-priced raw materials and it is expected that exports will expand. At present, the vast majority of chemical companies are still in good liquidity, nearly 40% of the company's cash balance accounted for more than 25% of the balance sheet debt. Although cash balances will be difficult to maintain at high levels in the next 10 years, the current cash balance will help improve the overall liquidity of the chemical industry and reduce the potential negative impact on credit rating of future mergers and acquisitions. The debt period has been extended and it is unlikely that the credit rating of the chemical industry will be significantly affected by at least 2014.
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