Research Update: Huntsman Ratings Remain on CreditWatch Positive Pending IPO Feb 05

Standard & Poors, February 2005

Abstract
On Feb. 1, 2005, Standard & Poor's Ratings Services said that its ratings on HMP Equity Holdings Corp. and its affiliates, Huntsman LLC, Huntsman International Holdings LLC, and Huntsman Advanced Materials LLC remain on CreditWatch with positive implications. The CreditWatch update follows a review of the recently amended Form S-1 relating to the pending IPO by Huntsman Corp., a newly formed holding company and parent of Huntsman LLC, Huntsman International, and Huntsman Advanced Materials. The ratings were placed on CreditWatch with positive implications on Sept. 14, 2004, citing the company's initial announcement that it would undertake an IPO of common stock. Standard & Poor's said today that if the IPO is completed as proposed the existing ratings would be raised,...

Companies mentioned in this report are:
- Huntsman LLC
- Huntsman International Holdings LLC
- Huntsman Corp.
- HMP Equity Holdings Corp.
- Huntsman Advanced Materials LLC

Action: CreditWatch Update
Action: Upgraded

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 LLC
- Huntsman International Holdings LLC
- Huntsman Corp.
- HMP Equity Holdings Corp.
- Huntsman Advanced Materials LLC

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