Borden Chemical Inc. Ratings Placed on Watch Negative Re: Acquisition of Bakelite AG Oct 04

Standard & Poors, October 2004

Abstract
NEW YORK (Standard & Poor's) Oct. 7, 2004-- Standard & Poor's Ratings Services said today that it placed its 'B+' corporate credit rating and other ratings for Borden Chemical Inc. on CreditWatch with negative implications, citing the company's announcement of a sizable acquisition. Columbus, Ohio-based Borden Chemical has over $850 million of total debt outstanding. "The CreditWatch placement follows the company's announcement of an agreement to acquire Bakelite AG from Rutgers AG," said Standard & Poor's credit analyst Peter Kelly. Germany-based Bakelite had sales in 2003 of $610 million. The purchase price is within the range of -175 million to -200 million, subject to certain adjustments. The transaction is subject to regulatory reviews and is expected to close in the...

Companies mentioned in this report are: Momentive Specialty Chemicals Inc.
Action: On CreditWatch:Negative

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Momentive Specialty Chemicals Inc.

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