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
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