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Summary: Borden Inc. May 01

Description:
Abstract
The ratings reflect Borden Inc.'s good business position and somewhat aggressive financial management. Borden, with sales of nearly $2.1 billion on a combined basis (including Borden Foods Holdings, an affiliated company which guarantees certain indebtedness of Borden), is a producer of industrial and specialty chemicals, consumer adhesives, and food products. The company is a leading producer of formaldehyde-based thermosetting resins for the forest products industry, as well as resins for industrial applications. End uses include furniture and construction products, such as structured panels, medium density fiberboard (MDF) and particle board, and coatings for the foundry industry. The company is also a leading manufacturer of formaldehyde and melamine crystal, but consumes most of its production internally. Chemicals account for nearly two-thirds...

Companies mentioned in this report are: Momentive Specialty Chemicals Inc.
Action: Review


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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
 
Companies Mentioned
Momentive Specialty Chemicals Inc.
 
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