S&P affirms Hexion, may up Momentive

Standard & Poor's said it affirmed Hexion Specialty Chemicals Inc.'s ratings, including its B- corporate credit rating.

The outlook is stable.

The agency also said it placed the on Momentive Performance Materials Inc., including its CCC+ corporate credit rating, on CreditWatch with positive implications.

The affirmation of Hexion's ratings incorporates an expectation that the transaction will have a mildly positive impact on the company's credit quality, but probably not enough to warrant a change in the ratings or outlook, S&P said.

The watch placement for Momentive reflects steadily improving operating results since being hit by the full force of the recession in the first quarter of 2009, the agency said, and the likely modest benefit of the planned merger.

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