Kem One - comment

Although the new Super Senior facility has given Kem One some liquidity, we maintain that without a recovery in the PVC market, liquidity will become an issue in late 2025. S&P echo these sentiments, downgrading the bonds yesterday due to weak cashflows and challenging end markets, and leaving them on Outlook Negative. Recent turmoil in the markets will not support a recovery in the subdued construction end markets.