Research Update: Momentive Specialty Chemicals Inc. 'B-' Rating Affirmed; Proposed Senior Secured Financing Rated 'B-' (Recovery: '3') Mar 12
Standard & Poors, March 2012
Abstract
U.S.-based Momentive Specialty Chemicals Inc. (MSC) plans to extend the maturity of its revolving credit facility to 2014 from 2013. Its subsidiary Hexion U.S. Finance Corp. plans to issue $450 million of first-priority senior secured notes due April 15, 2020 to refinance term loans due in 2013. We are affirming all our ratings, including the 'B-' corporate credit rating, on MSC. We are assigning a 'B-' issue-level rating and a recovery rating of '3' to the proposed revolving credit facility and notes. The stable outlook reflects our expectation that despite challenging market conditions, if the refinancing is successful, liquidity should remain adequate during the next year at both MSC and Momentive Performance Materials Inc., which is owned by the same...
Companies mentioned in this report are: Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC,Momentive Performance Materials Inc.,Momentive Specialty Chemicals Canada Inc.,Momentive Specialty Chemicals B.V.,Momentive Specialty Chemicals UK LTD,Borden Chemical UK LTD
Action: New Rating
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.
Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC,Momentive Performance Materials Inc.,Momentive Specialty Chemicals Canada Inc.,Momentive Specialty Chemicals B.V.,Momentive Specialty Chemicals UK LTD,Borden Chemical UK LTD
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