S&P upgrades Huntsman

Standard & Poor's said it raised the corporate credit rating on Huntsman Corp. and its subsidiary Huntsman International LLC to BB from BB-.

The company's senior secured debt is rated BB+ with a recovery rating of 2, indicating 70% to 90% expected recovery in a default.

Its senior unsecured debt is rated BB- with a recovery rating of 5, indicating 10% to 30% expected recovery prospects, and its subordinated debt is rated B+ with a recovery rating of 6, indicating 0% to 10% expected recovery.

The outlook is stable.

The upgrade follows significant strengthening of Huntsman's financial profile during the past two years, S&P said.

Moreover, the agency said it believes earnings will continue to improve during the next two years based on an expectation of moderate global economic growth, higher sales and increased product penetration.

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