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S&P lifts Huntsman to stable
Standard & Poor’s said it revised the outlook on Huntsman Corp. to stable from negative.
The outlook on its wholly owned subsidiary, Huntsman International LLC, also was revised to stable from negative.
The agency also said it affirmed all of their ratings, including the BB corporate credit ratings.
The outlook revision follows news that Huntsman has completed the acquisition of Rockwood Specialties Inc.’s TiO2 and performance additives businesses in a debt-financed transaction for slightly more than $1 billion in cash and the assumption of about $225 million of unfunded pension liabilities, S&P said.
Huntsman has strengthened its profitability and cash flow generation during the past several quarters following major operational restructuring, the agency added.
Though Huntsman is still in the process of meeting conditions laid down by European regulatory agencies that approved this transaction, S&P said it believes the closing of this transaction increases the certainty that the company will achieve credit metrics appropriate for the current ratings.
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