Chemicals, Paper & Packaging Weekly: Chemicals, Paper & Packaging Weekly Update

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Chemicals, Paper & Packaging Weekly: Chemicals, Paper & Packaging Weekly Update

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Chemicals, Paper & Packaging Weekly

Update

Rating Change - Credit

INEGRP: Downgrade to MW as likely reached peak 26 May 2026

Downgrading INEOS Group Holdings’ 6.625s ’28, 6.75s ’28, 6.375s ’29, 7.5s ’29, 5.625s High Yield

’30, 7.25s ’31, and 7.875s ’31 to Marketweight from Overweight as we expect the United States

cyclical upturn has reached its peak (unless war breaks out again, driving crude oil prices Industrials/Basic

higher), and expect polyethylene prices to start retreating in July 2026, making these

bonds look fairly priced relative to comps.

Roger Spitz

LXU: Downgrade to MW as call constrained ResearchBofAS Analyst

Downgrading LSB Industries’ 6.25% 1st Liens ‘28 to Marketweight from Overweight as +1 646 855 6946

roger.spitz@bofa.com

these bonds are call constrained, significantly limiting any material price increase, in our

view. OliviaResearchCui,AnalystCFA

BofAS

RCOLIN: Downgrade to MW on price run-up +1olivia.cui@bofa.com646 855 6531

Downgrading Rain Carbon’s 12.25% 2nd Liens ’29 to Marketweight from Overweight

following the recent bond price appreciation, making these bonds look only fairly priced

relative to comps, in our view. Exhibit 1:Table of Contents

26-MAY-2026 Weekly

TRIVIU: Downgrade to MW on price run-up

Description PageDowngrading Trivium Packaging’s 6.625% 1st Liens ’30, 8.25% 1st Liens ’30, and Earnings Calendar 3

12.25% 2nd Liens ’31 to Marketweight from Overweight following the recent bond price Rain Carbon (RCOLIN) 4 - 5

appreciation, making these bonds look only fairly price relative to comps, in our view. SCIH Salt (MORTON) 6 - 7

Q1:26 Earnings Performance 8 - 9

UAN: Downgrade to MW as call constrained RelativeBond CompsValue 1012 -- 1121