S&P affirms Huntsman

S&P said it affirmed its ratings, including its BB corporate credit rating, on Huntsman Corp. and its wholly owned subsidiary Huntsman International LLC.

At the same time S&P affirmed its BBB- issue rating, with a 1 recovery rating, indicating an expectation of very high (90%-100%; rounded estimate: 95%) recovery on the company's senior secured debt in the event of payment default.

S&P also affirmed its BB issue rating, with a 3 recovery rating on the company's junior debt, indicating an expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The outlook is positive.

“We affirmed our corporate credit rating on Huntsman Corp. and its subsidiary Huntsman International LLC following the announcement by Huntsman and Clariant that the proposed merger between the two companies would not go ahead. Our previous base case assumptions did not factor in the merger of the two companies because of our view of uncertainties related to the proposed transaction,” S&P said in a news release.

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