S&P rates Rhodia notes BB

Standard & Poor's said it assigned an issue rating of BB to the proposed $400 million senior unsecured notes to be issued by Rhodia (BB/stable/B) and a recovery rating of 4.

Proceeds will be used in partial prepayment of Rhodia's floating-rate notes due in 2013.

Recovery prospects are supported by the agency's valuation of the group on a going-concern basis due to its leading market positions and its growing Novecare segment, according to S&P.

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