The rating action is mainly driven by weaker credit metrics affected by a challenging market environment.

The Negative Outlook is driven by the risk of weak ethanol margins for a prolonged period.

The rating action reflects Scope’s view of the company’s resilient operating performance and only moderate increase in leverage amid a large investment programme.

The affirmation of the issuer rating reflects Scope’s view of the chemical company’s resilient operating performance and only temporary increase in leverage. The downgrade is driven by the average expected recovery for senior unsecured debt.

The rating actions reflect Scope’s view that the planned bond issuance will have a limited impact on the issuer's credit metrics while improving the expected recovery of its senior unsecured debt.

The affirmation is driven by Scope’s view that the Covid-19 pandemic will have a limited impact on the issuer's operations and credit metrics.

The rating mainly reflects the company’s exposure to volatile commodities and weak diversification, on the one hand, and solid profitability and a strong financial risk profile relative to the business risk profile, on the other.