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Credit FAQ: Why Standard & Poor's Raised Its Corporate Credit Rating On Hexion Specialty Chemicals Inc. Feb 10 Product Image

Credit FAQ: Why Standard & Poor's Raised Its Corporate Credit Rating On Hexion Specialty Chemicals Inc. Feb 10

  • Published: February 2010
  • Standard & Poors

Abstract
On Feb. 3, 2010, Standard & Poor's Ratings Services raised its ratings on Hexion Specialty Chemicals Inc., including its corporate credit rating to 'B-' from 'CCC+', and removed the ratings from CreditWatch. The outlook is stable. Earlier, on Jan. 14, 2010, we placed our 'CCC+' corporate credit rating on Hexion on CreditWatch with positive implications following the company's announcement of its proposed financing. Hexion is a global manufacturer and marketer of thermoset resins. The upgrade to 'B-' follows the successful completion of the company's $2.1 billion financing, including: $200 million in revolving loan commitments effective in 2011, when the current $225 million revolving credit facility matures. $951 million in an extended first-lien senior secured term loan. The company extended the...

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 READ MORE >

Momentive Specialty Chemicals Inc.

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