S&P rates Resolution Specialty

Standard & Poor's said it assigned its B+ corporate credit rating to Resolution Specialty Materials LLC and its B+ senior secured bank loan rating and a recovery rating of 3 to the company's proposed $145 million senior secured credit facilities.

The outlook is stable.

The proceeds from the transaction will be used, in part, to finance the acquisition of the Resins, Inks and Monomers division of Eastman Chemical Co. (BBB/negative/A-3) by Apollo Management LP.

S&P said the ratings on Resolution Specialty Materials incorporate the company's below-average business profile as a global manufacturer of resins and inks. This is partially offset by the company's solid market positions in niche markets, good geographic sales and manufacturing diversity, a diverse composition of raw materials and a manageable level of initial debt leverage.

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