S&P rates Hexion notes CCC

S&P said it assigned a CCC rating and 5 recovery rating to Hexion Inc.'s proposed $200 million senior secured notes due in 2022.

The 5 recovery rating indicates 10% to 30% expected default recovery.

The proceeds will be used to fund redemption of the remaining 8 7/b% senior notes due in 2018.

The ratings on Hexion, including its CCC+ corporate credit rating, are unchanged.

The outlook remains negative.

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