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Moody's rates Huntsman notes B1
Moody's Investors Service said it assigned a B1 (LGD5, 75%) rating to Huntsman International LLC's newly proposed €200 million senior notes. Huntsman International is a direct subsidiary of Huntsman Corp. Both entities have Ba3 corporate family ratings with stable outlooks.
The note proceeds are expected to be used to repay a portion of the company's outstanding term loan C.
The agency said the Ba3 corporate family rating reflects Huntsman's solid competitive position in urethanes, epoxies and TiO2; experienced management team and management's stated intention to reduce net leverage to about 2.0 to 2.5 times on a normalized EBITDA basis.
The stable outlook reflects the expected improvement in Huntsman's financial metrics in 2014 given a recovery in the TiO2 margins and growth in Huntsman's other businesses, Moody's said.
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