Fitch Solutions: Petro Price Drop Widens Eastman Chemical's CDS 49%

NEW YORK--(BUSINESS WIRE)-- Credit default swap (CDS) spreads for Eastman Chemical Company have moved out to their widest levels in four years, according to Fitch Solutions in its latest CDS Case Study Snapshot.

Five-year CDS on Eastman Chemical widened out 49% over the past week, notably underperforming the broader North America Chemicals sector (14% wider). After pricing consistently in line with 'BBB' levels over the past year, credit protection for Eastman Chemical is now in 'BBB-' territory.

'While weaker economic numbers certainly seem to be a catalyst, the drop in petrochemical prices seems to be hitting spreads on Eastman Chemical harder than its peers,' said Director Diana Allmendinger.

Fitch Solutions case studies build on data from its CDS Pricing Service and proprietary quantitative models, including CDS Implied Ratings. These credit risk indicators are designed to provide real-time, market-based views of creditworthiness. As such, they can and often do reflect more short term market views on factors such as currencies, seasonal market effects and short-term technical influences. This is in contrast to Fitch Ratings' Issuer Default Ratings (IDRs), which are based on forward-looking fundamental credit analysis over an extended period of time.

Additional information about Fitch Solutions' products is available at www.fitchsolutions.com

Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; BMI Research, an independent provider of country risk and industry analysis specializing in emerging and frontier markets; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is majority owned by Hearst.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151002005369/en/

Fitch Solutions
Diana Allmendinger
Director
+1 212-908-0848
Fitch Solutions, 33 Whitehall Street, New York, NY 10004
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Solutions

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