Synthos S.A.: Large dividend is moderately credit negative; ratings unaffected
Synthos' announcement of a large dividend is moderately credit negative, but we expect the company to avoid a material increase in its leverage.Synthos SA is a Poland-based holding company engaged in the chemicals industry. The Company's activities concentrate on three product groups: synthetic rubbers, styrene plastics, as well as vinyl and copolymer dispersions. Its offering includes synthetic rubber, styrene-butadiene rubber, polybutadiene rubber, nitrile rubber, expandable polystyrene, calcium phosphate, soda lime, sodium acetate, vinyl, vinyl-acrylic, latex, chlorine and methanol, wood adhesives and others. As of December 31, 2012, Synthos SA operated six wholly owned subsidiaries, including, Synthos Kralupy As, Synthos XEPS sro and Synthos PBR sro, all based in the Czech Republic, Synthos Fundusz Inwestycyjny Zamkniety, Synthos Dwory 7 Sp. z o.o. and Red Chilli Ltd, based in Cyprus. It also had minority stakes in Synthos Dwory 4 Sp. z o.o. and Synthos Dwory 5 Sp. z o.o. In October 2013, FTF Galleon SA raised its interest in the Company from 48.61% to 58.38%.
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