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Bond Market News
NOVA Chemicals Upgraded to BB by Fitch
August 20, 2026
– Ritish G
NOVA Chemicals was upgraded by a notch to BB from BB- by Fitch. The upgrade follows its deleveraging efforts after the redemption of its 9% 2030s. The company continues to benefit from low-cost ethylene and polyethylene assets in North America. Its operations have also improved from the weak levels seen during its 2023 peak leverage period. Fitch expects excess cash to be split between debt repayment and dividends, supporting further deleveraging. NOVA has sufficient liquidity and relatively moderate maintenance capex needs. However, its credit profile remains constrained by high leverage, commodity price exposure and industry overcapacity. Fitch expects excess capacity to weigh on profitability from 2027.
Its 4.25% 2029s were up 0.4 points to 97.6 cents on the dollar, yielding 5.2%.
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