Summary: PolyOne Corp. May 10

Standard & Poors, May 2010

Abstract
Our ratings on Avon Lake, Ohio-based PolyOne Corp. reflect a highly leveraged financial profile, low operating margins, some volatility in earnings, and a meaningful exposure to cyclical end markets for the company's mainly commodity resins. Partially offsetting these risks are the company's leading market positions in several plastic product lines and its backward integration into chlor-alkali through an affiliate company. PolyOne, formed through the merger of Geon Co. with M.A. Hanna Co., had revenues of about $2.2 billion for the 12 months ended March 31, 2010. The company divides its operations into five businesses. The largest of these (about 30% of 2009 revenue) is its performance products and solutions business, which produces thermoplastic compounds to meet requirements of molded and...

Companies mentioned in this report are: PolyOne Corp.
Action: Review

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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.

PolyOne Corp.

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