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Recovery Report: Momentive Specialty Chemicals Inc.'s Recovery Rating Profile Mar 12

Description:
Abstract
Standard & Poor's Ratings Services is updating its recovery analysis on Momentive Specialty Chemicals Inc.'s (MSC) rated debt, reflecting the company's proposed extension of its existing revolver to 2014 from 2013 and the issuance of $450 million senior secured notes due 2020 (to which we assigned a '3' recovery rating). Our simulated default scenario contemplates a default in 2015 resulting from another deep global recession which materially weakens demand for MSC's products, compressing operating margins to single digits, resulting in severely constrained liquidity and covenant compliance challenges. Our estimated distressed emergence EBITDA of $291 million assumes that the company would emerge at a time when cyclical demand gains some momentum from its trough levels. As a result, we estimate gross...

Companies mentioned in this report are:
- Momentive Specialty Chemicals Inc.
- Hexion U.S. Finance Corp.
- Hexion Nova Scotia Finance ULC
- Momentive Performance Materials Inc.

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
 
Companies Mentioned
- Momentive Specialty Chemicals Inc.
- Hexion U.S. Finance Corp.
- Hexion Nova Scotia Finance ULC
- Momentive Performance Materials Inc.
 
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