Research Update: Huntsman Corp. 'BB-' Ratings Remain On CreditWatch Negative Following Termination Of Merger Dec 08
- ID: 1828058
- December 2008
- Standard & Poors
On Dec. 16, 2008, Standard & Poor's Ratings Services said that it is keeping its ratings on Salt Lake City, Utah-based Huntsman Corp., including the 'BB-' corporate credit rating, on CreditWatch, where they were placed on June 26, 2007, with negative implications. This update follows Huntsman's announcement that it has terminated its merger agreement with Hexion Specialty Chemicals Inc. Under the terms of a settlement with Hexion and Apollo Management L.P., Huntsman expects to receive cash payments of $1 billion, consisting of $750 million of settlement payments and $250 million of cash proceeds from the issuance of 10-year convertible notes to Apollo affiliates, which Huntsman can repay in cash or common stock. The settlement payments consist of $325 million from...
Companies mentioned in this report are:
- Huntsman Corp.
- Hexion Inc.
- Huntsman International LLC
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. SHOW LESS READ MORE >