Research Update: PolyOne Corp.'s $600 Million Senior Unsecured Notes Assigned 'BB-' Issue Rating (Recovery: 4); 'BB-' Rating Affirmed Feb 13
- Language: English
- Published: February 2013
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.
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