S&P ups Huntsman, units

Standard & Poor's said it assigned its BB- corporate credit rating to Huntsman Corp., a newly established holding company and parent of Huntsman LLC, Huntsman International LLC, and Huntsman Advanced Materials LLC.

At the same time, S&P raised its corporate credit ratings to BB- from B for HMP Equity Holdings Corp., Huntsman LLC, Huntsman International Holdings LLC, and Huntsman Advanced Materials LLC. All related issue ratings were also raised and all ratings were removed from CreditWatch, where they were placed on Sept. 14 with positive implications, citing the company's initial announcement that it would undertake an IPO of common stock.

More specifically, S&P raised Huntsman LLC's senior secured rating to BB- from B and senior unsecured rating to B from CCC+; Huntsman International LLC's senior secured rating to BB- from B, senior unsecured rating to B+ from B-, and subordinated rating to B from CCC+; and Huntsman Advanced Materials LLC's senior secured rating to BB- from B.

The outlook is stable.

S&P said the ratings follow the announcement that Huntsman Corp. has priced the previously disclosed IPO of its common stock, which improved the capital structure, and recognizes the company's good prospects for further strengthening of the financial profile as the chemicals cycle improves.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.