Research Update: Huntsman Corp. 'BB-' Ratings Affirmed, New Credit Facilities Rated 'BB' (Recovery Rating: '2'); The Outlook Is Positive Feb 12
- ID: 2084141
- February 2012
- Standard & Poors
Huntsman International LLC, a subsidiary of U.S.-based chemical maker Huntsman Corp., plans to increase the amount of its revolving credit facility to $400 million from $300 million and to extend the maturity of its revolving credit facility and up to $652 million in term loans to 2017 from 2014. We are affirming all of our ratings, including the 'BB-' corporate credit rating, on Huntsman. We are assigning a 'BB' issue-level rating and a recovery rating of '2' to the company's revolver and term loan. The positive outlook indicates the potential for a one-notch upgrade during the next several quarters if the company can continue to strengthen earnings and reduce debt, lifting funds from operations to debt above 20% from about...
Companies mentioned in this report are:
- Huntsman Corp.
- Huntsman International LLC
Action: New Rating
Action: Outlook: Positive
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.