S&P upgrades Element Solutions

S&P said it raised the rating on Element Solutions Inc.'s senior unsecured notes due 2025 to BB- from B+ and revised the recovery rating on the notes to 4 from 5.

The 4 recovery rating indicates 30% to 50% expected default recovery.

The company was formerly known as Platform Specialty Products Corp.

S&P said the upgrades follow the completion of the sale of its agricultural solutions segment to UPL Ltd., the completion of the refinancing of its new capital structure and the repayment of its existing debt except for the $800 million unsecured notes due 2025.

All of the other ratings on Element Solutions are unchanged.

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