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Economic reforms are urgent, especially improving the governance in state-owned enterprises, as large contingent liabilities are of great concern.

Private sector debt developments in the US and China probably won’t trigger an economic crisis but could deepen a downturn, possibly triggered by the bilateral trade war.

Should the Sino-US trade dispute continue or even escalate, US petrochemical businesses would face unfriendly market conditions with falling prices.

The repercussions of the trade dispute with the US have been limited so far, but several US-export dependent SMEs could fail should the dispute continue.

Profitability of businesses is generally high in this sector, but Brexit poses a downside risk for businesses profitability and payment behaviour.

Due to the more difficult market environment and decreasing sales, we have recently downgraded the sector performance outlook from “Excellent” to “Good”.

Profitability of businesses is expected to deteriorate in the coming 12 months, due to lower demand from China and increased oil and naphtha prices.

Performance is affected by slowdown in demand from automotive, uncertainty about Italian fiscal policy and the trade dispute between the US and China.

The French plastics packaging segment is negatively impacted by oil price volatility, increased environmental awareness and stricter regulations.

The Brazilian agrichemicals sector remains very susceptible to sudden changes in climate conditions, market prices and exchange rate fluctuations.