Research Update: Momentive Specialty Chemicals Inc. 'B-' Rating Affirmed; Proposed Senior Secured Financing Rated 'B-' (Recovery: '3') Mar 12
- Language: English
- Published: March 2012
On Feb. 3, 2010, Standard & Poor's Ratings Services raised its corporate credit rating on Columbus, Ohio-based Hexion Specialty Chemicals Inc. to 'B-' from 'CCC+' following the successful completion of the company's financing plan. The outlook is stable. We removed the ratings from CreditWatch with positive implications, where they were placed on Jan. 14, 2010, following the company's announcement of its proposed financing plan. We raised our issue-level ratings on the company's first-lien senior secured facilities to 'B-' from 'CCC+' and revised our recovery ratings on these facilities to '3' from '4'. The '3' recovery ratings indicate our expectation for meaningful recovery (50%-70%) in the event of a payment default. We also raised our issue-level ratings on the company's second-lien...
Companies mentioned in this report are: Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC
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
Momentive Specialty Chemicals Inc.,Hexion U.S. Finance Corp.,Hexion Nova Scotia Finance ULC