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Hexion Specialty Chemicals Corporate Credit Rating Lowered To 'B' On Debt-Funded Dividend Oct 06
Standard & Poors, October 2006
NEW YORK (Standard & Poor's) Oct. 20, 2006--Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Hexion Specialty Chemicals Inc. to 'B' from 'B+'. The outlook is stable. We also lowered the rating on the existing $225 million first-lien senior secured revolving credit facility to 'B' from 'B+' and revised the recovery rating to '2' from '3'; this indicates our expectation for substantial recovery of principal in the event of a default. At the same time, we assigned a 'B' bank loan rating with a recovery rating of '2' to the company's proposed $2 billion first-lien senior secured term loan and $50 million first-lien synthetic letter of credit facility. The 'B' rating and recovery...
Companies mentioned in this report are: Momentive Specialty Chemicals 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: 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.