S&P downgrades Chemtura

Standard & Poor's said it lowered the corporate credit rating on Chemtura Corp. to D from CCC following the company's announcement that it and 26 of its U.S. affiliates have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

The agency lowered the rating on the company's 6 7/8% senior notes due 2016 to D from CCC and kept the recovery rating unchanged at 3 and its 7% senior notes due 2009 and 6 7/8% senior notes due 2026 to D from CCC- and revised the recovery ratings to 6 from 5.

The revised recovery ratings reflect a considerable increase in domestic pension liabilities, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.