Kem One - comment

Moody’s downgraded Kem One further to Caa3, while keeping the outlook negative. The bonds continue the spiral downwards and are now quoted below 40%. We are still short Kem One’s bonds on the view that the restructuring was half-baked and would need to be revisited. The €200m facility has provided some liquidity, but the prolonged downturn in the PVC market questions whether the new facility is sufficient.