Weakening financial performance in 2020. EMEA’s chemicals industry has been hit by supply chain disruptions and a severe drop in demand in key end-markets such as automotive, manufacturing, oil and gas, and construction caused by the COVID-19 pandemic and the related global recession. We expect revenues for most EMEA chemical companies to decline by 10%-15% and EBITDA by 15%-25% in 2020 compared to 2019. Issuers have responded with credit supportive measures such as cost cutting, reducing capex, and lowering shareholder distributions. Companies have issued new debt and drawn on credit facilities to bolster liquidity.