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Basell And Huntsman Ratings Placed On Watch Negative After Acquisition Announcement Jun 07
Standard & Poors, June 2007
Abstract
FRANKFURT (Standard & Poor's) June 26, 2007--Standard & Poor's Ratings Services said today that it placed its 'BB-' corporate credit ratings on Luxembourg-based Basell AF SCA and Salt Lake City, Utah-based Huntsman Corp., as well as all related ratings on both entities, on CreditWatch with negative implications. The listing reflects the announcement of a definitive agreement under which Basell plans to acquire Huntsman for a total of $9.6 billion. The transaction, which is subject to shareholder and regulatory approval, has been approved by Huntsman's board of directors and has the support of MatlinPatterson and the Huntsman family, who collectively own 57% of Huntsman's common stock. 'Basell plans to finance the purchase 100% with debt, which will result in a substantial...
Companies mentioned in this report are: LyondellBasell Industries AF S.C.A.,Huntsman Corp.
Action: On CreditWatch:Negative
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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