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:
- Hexion Inc.
- Hexion U.S. Finance Corp.
- Hexion Nova Scotia Finance ULC
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Research Type: Full Analysis