Moody's assigns B1 to NOVA Chemicals notes

Moody's Investors Service said it assigned B1 ratings to NOVA Chemicals Corp.'s $350 million 8 3/8% senior unsecured notes due 2016 and $350 million of 8 5/8% senior unsecured notes due 2019.

Proceeds from the notes will be used to repay outstanding debt under its credit facilities, pre-fund C$250 million of unsecured notes maturing in August 2010 and provide additional liquidity.

The outlook is stable and assumes that NOVA completes the refinancing of its secured credit facility before the end of 2009.

"We believe that NOVA will have a strong third quarter and successfully complete its negotiations on an amended credit facility shortly," stated John Rogers, senior vice president at Moody's, in a news release.

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