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Ashland's $3.65 Billion Proposed Financing, For ISP Acquisition, Rated 'BB'; Most Existing Ratings Remain On Watch Neg Jun 11
Standard & Poors, June 2011
Abstract
Diversified U.S. chemicals manufacturer Ashland plans to acquire International Specialty Products (ISP) for $3.2 billion in cash. Our 'BB+' corporate credit rating and most of our other ratings on Ashland remain on CreditWatch with negative implications pending the completion of the transaction. If the transaction closes as currently structured, we expect to lower the corporate credit rating to 'BB' and assign a stable outlook. We are assigning a 'BB' issue rating and a '3' recovery rating to Ashland's proposed senior secured credit facilities, which it will use to finance part of the transaction. NEW YORK (Standard & Poor's) June 13, 2011--Standard & Poor's Ratings Services said today that it assigned its 'BB' senior secured debt rating and a recovery rating...
Companies mentioned in this report are: Ashland Inc.,Hercules Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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