We are assigning an issue-level rating of 'B+' and a recovery rating of '4' to U.S.-based chemicals company PolyOne Corp.'s proposed $320 million senior unsecured notes due 2020. The company expects to use proceeds from the proposed notes to redeem in full its existing senior notes due 2012 via a tender offer. Our recovery rating on PolyOne's existing unsecured debt remains unchanged at '4'. The issue-level ratings on these senior unsecured obligations have been revised to 'B+' from 'B', in line with our notching guidelines for a 'B+' corporate credit rating and a '4' recovery rating. Our simulated default scenario envisions a default occurring in 2014 reflecting a prolonged downturn in the housing and transportation markets, which account for approximately...
Companies mentioned in this report are: PolyOne Corp.
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