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26 Jul 2000
Over $6.5 Billion of Debt Securities Affected
New York, July 26, 2000 -- Moody's Investors Service confirmed the Aa3 ratings on the long term debt
of E.I. du Pont de Nemours and Co. (DuPont) following
the announcement by the company earlier today that its board has increased
the share repurchase authorization to $2.5 billion.
DuPont intends to complete this repurchase program over the next two years,
funding the program solely from the sale of under-performing businesses.
The confirmation anticipates that the share repurchase program will not
delay or forestall repayment of debt within this time frame. However,
we are reiterating the negative outlook on the company's Aa3 ratings due
to the high level of debt and event risk in the credit profile.
Senior unsecured notes and debentures at Aa3
Pollution control and industrial revenue bonds supported or guaranteed
by DuPont at Aa3
Confirmation of the ratings assumes that DuPont's management will aggressively
work to reduce debt in the near-term and return financial ratios
to levels that fully support the Aa3 ratings. In addition,
the ratings anticipate that this share repurchase program, or any
other investment or transaction, will not impede the repayment of
debt over the next two years.
DuPont's Aa3 and Prime-1 ratings reflect its position as a leading
science and technology company with strong positions in chemicals,
polymers, fibers and specialty materials, as well as a growing
position in life sciences. DuPont has the leading global position
in many product lines along with an excellent track record in developing
and commercializing new products and technologies. The ratings
incorporate the inherent cyclicality in chemicals and polymers,
moderated by strong and growing positions in specialty businesses and
an expanding life sciences portfolio.
Risks in the credit include the high level of debt, currently $11.5
billion, which continues to stretch the financial profile,
as well as continuing event risk related to the company's growing position
in life sciences. Consolidation and the need for greater critical
mass in both pharmaceuticals and agricultural products, combined
with the increasing valuations for these assets, raises the risk
that the company might further stress its balance sheet with additional
debt-financed transactions or investments to improve its long-term
competitive position. The negative outlook on the Aa3 ratings reflects
the uncertainty as to the magnitude and nature of such transactions,
and the financing mix. Longer term, the company's financial
policies will be an important determinant in judging the appropriateness
of the Aa3 rating.
Headquartered in Wilmington, Delaware, E. I.
DuPont Nemours and Company is the largest US chemical company with a diverse
portfolio of specialty material, chemicals, polymers,
pharmaceuticals and biotechnology products. The company reported
sales of $27 billion in 1999.
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653
MOODY'S CONFIRMS DUPONT'S Aa3 RATINGS AFTER $2.5 BILLION SHARE REPURCHASE ANNOUNCEMENT, REITERATES NEGATIVE OUTLOOK
Vice President - Senior Analyst
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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