S&P rates Huntsman notes CCC+

Standard & Poor's said it assigned its CCC+ issue-level rating (two notches lower than the corporate credit rating) and 6 recovery rating to Huntsman International LLC's proposed $250 million senior subordinated notes due 2020. The 6 recovery rating indicates an expectation for 0% to 10% recovery in the event of a default.

The agency also said it assigned a B+ issue-level rating and 2 recovery rating to the company's proposed senior secured revolving credit facility. The 2 rating indicates 70% to 90% recovery in the event of a default. Its corporate credit ratings were affirmed at B.

The ratings reflect the company's highly leveraged financial profile, including an expectation that total debt-to-EBITDA will be in the single digit levels at the end of the 2010, S&P said, and its satisfactory business profile.

The stable outlook reflects an expectation that the company will maintain adequate liquidity, the agency added.

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