Recovery Report: Huntsman International LLC's Recovery Rating Profile Feb 12

  • ID: 2082989
  • February 2012
  • Region: Global
  • Standard & Poors
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Standard & Poor's Ratings Services is updating our recovery report on Huntsman International LLC to reflect the company's proposed amendment and extension of its senior secured credit facilities. Our simulated default scenario contemplates a default in 2016, reflecting our assumption of trough-like conditions in the company's cyclical end markets while commodity price volatility results in margin compression. The material drop-off in revenues and earnings would lead to a severe strain on cash flow and liquidity. We estimate a gross recovery value of $3.4 billion assuming an emergence EBITDA of $571 million and a 6.0x EBITDA multiple. As part of the proposed amendment and extension of the senior secured credit facilities, the company is seeking a $100 million increase to its...

Companies mentioned in this report are:
- Huntsman International LLC
- Huntsman Corp.

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: Full Analysis

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- Huntsman International LLC
- Huntsman Corp.

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