S&P lowers Hexion

Standard & Poor's said that it lowered its ratings on Hexion Specialty Chemicals Inc., including its corporate credit rating to SD (selective default) from CCC+.

At the same time, S&P said it lowered its issue ratings on the company's $625 million 9.75% second-priority senior secured notes due 2014 and $200 million second-priority senior secured notes due 2014 to D from CCC+.

The agency said it also lowered issue ratings on the company's $250 million 7.875% debentures, $200 million 9.2% debentures, and $200 million 8.375% debentures due 2016 through 2023 to D from CCC-.

S&P added that it removed the ratings from Creditwatch with negative implications, where it first placed them in July 2007 following the attempted acquisition of Huntsman Corp. Subsequently, the Creditwatch reflected concerns on Hexion's operating performance.

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