S&P puts Columbian Chemicals on CreditWatch

Standard & Poor's said it placed Columbian Chemicals Acquisition LLC's ratings, including its BB- corporate credit rating, on CreditWatch with negative implications.

The action follows news by the Aditya Birla Group that it has entered into a definitive agreement to acquire Columbian Chemicals through its associates, Alexandria Carbon Black Co. and Thai Carbon Black Co., along with SKI investments, an Aditya Birla Co., S&P said.

Columbian is currently owned by One Equity Partners, the merchant banking arm of J.P. Morgan Chase, the agency said.

The CreditWatch placement reflects the potential for a downgrade if debt is increased to complete the acquisition, subject to review, S&P said.

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