Research Update: Hexion And Huntsman Ratings Remain On Watch Negative As Hexion Looks To Withdraw From Deal Jun 08

Standard & Poors, June 2008

Abstract
On June 19, 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 placement followed the announcement of Hexion's proposed debt-financed acquisition of Huntsman Corp. in a transaction valued at more than $10 billion, including assumed debt. The CreditWatch update follows Hexion's filing of a Form 8-K with the SEC and press release indicating that the transaction, which was expected to close this year, is no longer viable based on the proposed highly leveraged capital structure of the combined company. Hexion cites a number of factors supporting this conclusion, including...

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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