Moody's upgrades NewMarket Corporation to Baa2; outlook stable
Rating Action: Moody's upgrades NewMarket Corporation to Baa2; outlook stable. Global Credit Research- 19 Nov 2019. New York, November 19, 2019-- Moody's Investors Service upgraded the long-term issuer rating of NewMarket Corporation to Baa2 from Baa3 and also upgraded the senior unsecured rating to Baa2 from Baa3.NewMarket is a holding company and is the parent company of Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), NewMarket Services Corporation (NewMarket Services), and NewMarket Development Corporation (NewMarket Development). Afton manufactures and sells petroleum additives, while Ethyl represents the sale of tetraethyl lead (antiknock compounds) in North America as well as certain contracted manufacturing and services. NewMarket Development manages the property that the company owns in Virginia. NewMarket Services provides various administrative services to the company, Afton, Ethyl, and NewMarket Development. The company's business is principally engaged in lubricant additives and fuel additives.
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