- Language: English
- Published: December 2004
Research Update: Borden Chemical Inc. Jul 04
- Published: July 2004
- Standard & Poors
On July 26, 2004, Standard & Poor's Ratings Services said that its ratings on resins producer Borden Chemical Inc. remain on CreditWatch with negative implications (see list below). The ratings were placed on CreditWatch on July 6, 2004, following the announcement that Apollo Management LP will acquire Borden Chemical from Kohlberg Kravis Roberts & Co. for about $1.2 billion. Standard & Poor's will resolve the CreditWatch when the acquisition of Borden Chemical is completed. At that time, the corporate credit rating of Borden Chemical will be lowered to 'B+' from 'BB' and the ratings on the existing unsecured notes will be lowered to 'B-' from 'BB-'. The outlook will be stable. At the same time, Standard & Poor's assigned its...
Companies mentioned in this report are: Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC
Action: CreditWatch Update
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.
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Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC