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Research Update: Huntsman Corp. 'BB-' Ratings Remain On CreditWatch Negative Following Termination Of Merger Dec 08 Product Image

Research Update: Huntsman Corp. 'BB-' Ratings Remain On CreditWatch Negative Following Termination Of Merger Dec 08

  • Published: December 2008
  • Standard & Poors

Abstract
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.
- Momentive Specialty Chemicals 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 READ MORE >

- Huntsman Corp.
- Momentive Specialty Chemicals Inc.
- Huntsman International LLC

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