Chemicals Health

CFBANQUE Investment confirms the AA rating assigned to Chemicals Health (TRU1102.CA), an operator in the Chemicals sector based in Egypt. This credit opinion reflects a superior credit quality, reflecting a very strong capacity to honour its financial obligations even under an adverse macroeconomic environment.

From a fundamental standpoint, the issuer posts an EBITDA margin of 17.5% in line with sector standards, reflecting adequate operational discipline and exhibits a stretched net leverage of 4.58x EBITDA, considered a structuring risk factor within the rating. With revenues of $8.67B and a market capitalisation of $4.50B, Chemicals Health commands an established economic footprint within its domestic market.

Our proprietary models assign a Debt Capacity score of 368/1000, an Investment score of 620/1000 and an ESG & Governance score of 750/1000, reflecting a debt coverage that requires close monitoring, a measured investment potential and governance standards aligned with best market practice.

The Stable outlook indicates that our committee does not anticipate, in its central scenario, a revision of the rating over a 12 to 18 month horizon. This analysis stems from the combined review of our quantitative models and the qualitative judgement of the CFBANQUE Investment rating committee, and may be updated in line with the evolution of fundamentals or the regional macroeconomic environment.