S&P gives Huntsman unit loan 'BB' rating |
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Published
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Wed, 04 Apr 2007 21:24
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NEW YORK (AP) - Standard & Poor's Ratings Services assigned Huntsman Corp. subsidiary Huntsman International LLC a 'BB' rating on its proposed $2.29 billion senior secured bank credit facilities.'BB' is Standard & Poor's highest non-investment grade rating. The ratings service gave the facilities a recovery rating of '1', meaning it expects full recovery of principal in the event of a default.Huntsman will use proceeds from the proposed term loan B to refinance borrowings under its existing term loan.The ratings service raised the ratings on Huntsman's $294 million of outstanding senior secured notes due 2010 to 'BB' from 'BB-' and improved the recovery rating to '1' from '2'.Standard & Poor's also raised the ratings on Huntsman's $198 million 11.50 percent senior unsecured notes to 'B+' from 'B' to reflect the reduction of secured debt in the capital structure.The rating service affirmed the 'BB-' corporate credit ratings on parent company Huntsman Corp., the Salt Lake City-based chemicals maker.The outlook is 'Positive,' meaning the ratings may be raised.Standard & Poor's analyst Kyle Loughlin said the positive outlook reflects the company's improved business portfolio. Ratings may be raised if Huntsman continues to improve its balance sheet while pursuing growth opportunities.Huntsman shares dropped 31 cents to $18.55 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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