Hexion Specialty Chemicals Inc. Dec 09
Standard & Poors, December 2009
Abstract
Global diversified producer of thermoset resins, with varied product portfolio and geographic sales base; and Leading market shares in key products. Highly leveraged financial profile with high debt and weak albeit improving earnings; Earnings and cash flow are vulnerable to cyclical downturns in key end markets, such as construction, and also to general economic slowdowns; Vulnerability to input cost volatility for key commodity raw materials; and Low cushions under covenants. The ratings on Columbus, Ohio-based Hexion Specialty Chemicals Inc. reflect a highly leveraged financial profile, with total leverage in excess of 10x, some concerns on liquidity despite an improvement in cash generation in 2009, and a weak business risk profile as a global manufacturer and marketer of thermoset resins. Standard...
Companies mentioned in this report are: Momentive Specialty Chemicals Inc.
Action: Review
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Research Type: Full Analysis
Momentive Specialty Chemicals Inc.
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