Hexion Specialty Chemicals Affirmed After Merger; Resolution Performance Upgraded, Off Watch Jun 05

Standard & Poors, June 2005

Abstract
NEW YORK (Standard & Poor's) June 7, 2005--Standard & Poor's Ratings Services said today that it affirmed its 'B+' corporate credit rating and other ratings for Hexion Specialty Chemicals Inc. (formerly Borden Chemical Inc.) following the close of the previously announced merger of Borden, Resolution Specialty Materials LLC (RSM), and Resolution Performance Products LLC (RPP). At the same time, Standard & Poor's withdrew its 'B+' ratings on RSM after repayment of the company's rated debt obligations. Standard & Poor's also raised the ratings on RPP and removed them from CreditWatch with positive implications to reflect the completion of the merger transaction (the 'B+' corporate credit rating for RPP has subsequently been withdrawn). The outlook is negative. Columbus, Ohio-based Hexion has...

Companies mentioned in this report are: Momentive Specialty Chemicals Inc.,Resolution Performance Products LLC,Resolution Specialty Materials LLC
Action: Affirmed
Action: Outlook: Negative
Action: Removed From CreditWatch
Action: Upgraded
Action: Withdrawn

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Momentive Specialty Chemicals Inc.,Resolution Performance Products LLC,Resolution Specialty Materials LLC

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