Research Update: Huntsman And Hexion Ratings Remain On Watch Negative After Court Orders Hexion To Honor Merger Sep 08

Standard & Poors, September 2008

Abstract
On Sept. 30, 2008, Standard & Poor's Ratings Services said that its ratings on Salt Lake City, Utah-based Huntsman Corp. and Columbus, Ohio-based Hexion Specialty Chemicals Inc. remain on CreditWatch with negative implications, where they were placed on July 5, 2007. The initial CreditWatch placement followed the announcement of Hexion's proposed debt-financed acquisition of Huntsman in a transaction valued at more than $10 billion, including assumed debt. This CreditWatch update follows the ruling in the Court of Chancery of the State of Delaware related to Huntsman's lawsuit with Hexion and its owner, Apollo Management LLC. Hexion argued that the merger is no longer viable based on the proposed highly leveraged capital structure of the combined company. Hexion cited several factors...

Companies mentioned in this report are:
- Huntsman Corp.
- Momentive Specialty Chemicals Inc.
- Huntsman International LLC
- Hexion Nova Scotia Finance ULC

Action: CreditWatch Update

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- Huntsman Corp.
- Momentive Specialty Chemicals Inc.
- Huntsman International LLC
- Hexion Nova Scotia Finance ULC

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