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S&P lowers Hexion
Standard & Poor's said it lowered its ratings on Hexion Specialty Chemicals Inc., including the corporate credit rating to B- from B.
All of the ratings on Hexion remain on Creditwatch, where they were placed with negative implications on July 5, 2007, the agency said.
S&P noted that the ratings on Huntsman Corp. also remain on Creditwatch, where they were placed with negative implications on June 26, 2007.
The agency said that the initial Creditwatch placement on both companies followed the announcement of Hexion's proposed debt-financed acquisition of Huntsman in a transaction valued at more than $10 billion, including assumed debt.
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