Moody's affirms Huntsman

Moody's Investors Service said it affirmed the B1 corporate family rating of Huntsman Corp. and of Huntsman International LLC. The outlook remains positive.

The affirmation follows Huntsman's announcement that it has terminated discussions regarding existing proposals to acquire the company. Management also suggested that current stock prices have not reflected the full value of Huntsman's differentiated businesses such that management is continuing to evaluate the available alternatives for realizing this potential.

Moody's said it believes that opportunities and prospects for 2006 and beyond include the expansion of the company's differentiated businesses and possible divestitures to accelerate its debt reduction.

The positive outlook reflects the fact that Huntsman has not only successfully executed its initial public offering, but has also paid down some $475 million of debt obligations with operating cash flow since the IPO. Debt has fallen to $4.4 billion at September from $6.2 billion before the IPO.

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