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Research Update: PolyOne Corp. 'BB-' Rating Affirmed On Planned Acquisition Of ColorMatrix Group; Proposed Financing Rated 'BB-' Oct 11
Standard & Poors, October 2011
U.S.-based chemical company PolyOne Corp. reached an agreement to acquire privately held ColorMatrix Group Inc. for about $486 million. We are affirming the 'BB-' corporate credit rating on PolyOne. We are also assigning a 'BB-' issue-level rating to PolyOne's proposed $300 million term loan B. We expect PolyOne will use funds from the proposed term loan and cash on hand to fund the purchase of ColorMatrix. Our stable outlook reflects our assessment that PolyOne will maintain adequate liquidity and that financial policies will support sustainable credit quality. On Oct. 20, 2011, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Ohio-based PolyOne Corp. The outlook is stable. At the same time, we assigned a 'BB-' issue-level rating...
Companies mentioned in this report are: PolyOne Corp.
Action: New Rating
Action: Outlook: Stable
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.