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Imperial Chemical Industries (ICI)
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ICI » Topics » A decision by the rating agencies to downgrade ICIs credit rating would reduce its funding options, increase its cost of borrowings and have an adverse impact on results of operations and cash flow.

This excerpt taken from the ICI 6-K filed Mar 21, 2007.

A decision by the rating agencies to downgrade ICI’s credit rating would reduce its funding options, increase its cost of borrowings and have an adverse impact on results of operations, cash flow and/or financial condition.

A number of factors, some of which are not within the Group’s control, may, individually or in combination, affect the rating agencies’ view of the Group’s credit profile and lead them to place the Group on credit watch or downgrade its credit rating, including:

• a significant deterioration in the Group’s operating performance;
   
• the occurrence of material, unexpected additional cash charges leading to a weakening in cash flow/debt metrics;
   
• a significant deterioration in the economic environment in which the Group operates;
   
• the occurrence of any of the events described in the other risk factors contained in this document; and
• significant increases in the deficit of the Group’s pension funds or significant increases in the top-up contributions of such funds.

Whilst ICI currently has a Standard & Poor’s Ratings Services rating of BBB/Stable/A-2 and a Moody’s Investors Service rating of Baa3/Positive/P-3, any downgrade of such credit ratings would reduce its funding options, significantly increase its cost of borrowings and have an adverse effect on its results of operations, cash flow and/or financial condition.

This excerpt taken from the ICI 20-F filed Mar 31, 2006.

A decision by the rating agencies to downgrade ICI’s credit rating would reduce its funding options, increase its cost of borrowings and have an adverse impact on results of operations and cash flow.

A number of factors, some of which are not within the Group’s control, may, individually or in combination, affect the rating agencies’ view of the Group’s credit profile and lead them to place the Group on credit watch or downgrade its credit rating, including:

• a significant deterioration in the Group’s operating performance;
   
• the occurrence of material, unexpected additional cash charges leading to a weakening in cash flow/debt metrics;
   
• a significant deterioration in the economic environment in which the Group operates;
   
• the occurrence of any of the events described in the other risk factors contained in this Annual Report and Accounts; and
   
• further significant increases in the deficit of the Group’s pension funds or significant increases in the top-up contributions of such funds.
This excerpt taken from the ICI 6-K filed Mar 14, 2006.

A decision by the rating agencies to downgrade ICI’s credit rating would reduce its funding options, increase its cost of borrowings and have an adverse impact on results of operations and cash flow.

A number of factors, some of which are not within the Group’s control, may, individually or in combination, affect the rating agencies’ view of the Group’s credit profile and lead them to place the Group on credit watch or downgrade its credit rating, including:

• a significant deterioration in the Group’s operating performance;
   
• the occurrence of material, unexpected additional cash charges leading to a weakening in cash flow/debt metrics;
   
• a significant deterioration in the economic environment in which the Group operates;
   
• the occurrence of any of the events described in the other risk factors contained in this Annual Report and Accounts; and
   
• further significant increases in the deficit of the Group’s pension funds or significant increases in the top-up contributions of such funds.
This excerpt taken from the ICI 20-F filed Apr 1, 2005.

A decision by the rating agencies to downgrade ICI’s credit rating would reduce its funding options, increase its cost of borrowings and have an adverse impact on results of operations and cash flow.

A number of factors, some of which are not within the Group’s control, may, individually or in combination, affect the rating agencies’ view of the Group’s credit profile and lead them to place the Group on credit watch or downgrade its credit rating, including:

• a significant deterioration in the Group’s operating performance;
   
• the inability of the Group to restore the profitability of its core specialty chemicals business in the near term;
   
• the incurrence of material, unexpected additional cash charges leading to a weakening in cash flow/debt metrics;
   
• a significant deterioration in the economic environment in which the Group operates;
   
• the occurrence of any of the events described in the other risk factors contained in this Annual Report and Accounts.
This excerpt taken from the ICI 6-K filed Mar 16, 2005.

A decision by the rating agencies to downgrade ICI’s credit rating would reduce its funding options, increase its cost of borrowings and have an adverse impact on results of operations and cash flow.

A number of factors, some of which are not within the Group’s control, may, individually or in combination, affect the rating agencies’ view of the Group’s credit profile and lead them to place the Group on credit watch or downgrade its credit rating, including:

• a significant deterioration in the Group’s operating performance;
   
• the inability of the Group to restore the profitability of its core specialty chemicals business in the near term;
   
• the incurrence of material, unexpected additional cash charges leading to a weakening in cash flow/debt metrics;
   
• a significant deterioration in the economic environment in which the Group operates;
   
• the occurrence of any of the events described in the other risk factors contained in this Annual Report and Accounts.

EXCERPTS ON THIS PAGE:

6-K
Mar 21, 2007
20-F
Mar 31, 2006
6-K
Mar 14, 2006
20-F
Apr 1, 2005
6-K
Mar 16, 2005

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