US chemical ratings cut

US investment bank Merrill Lynch said on 4 April that it had cut its intermediate-term ratings for major US chemical companies DuPont , PPG Industries and Lyondell to “neutral“ from “buy“. Merrill…

US investment bank Merrill Lynch said on 4 April that it had cut its intermediate-term ratings for major US chemical companies DuPont , PPG Industries and Lyondell to “neutral“ from “buy“. Merrill said the shares had already priced in the improved US and global economic outlook and said surging energy and raw material costs had increased the chance of earnings disappointment later this year. The bank also lowered its intermediate-term recommendation for Rohm and Haas to “reduce“ from “neutral“. It said it had “buy“ ratings for Monsanto and Praxair.