S&P rates Continental Chemical notes

Standard & Poor's said it assigned its B+ rating to Continental Chemical Holding Ltd.'s (B+/stable/--) proposed senior unsecured $150 million notes.

The proposed notes are to be unconditionally and irrevocably guaranteed by Continental Chemical Corp. Pte. Ltd., Continental Plasticizers (Singapore) Pte. Ltd., and PT Continental Solvindo - all wholly owned subsidiaries of Continental Chemical Holdings Ltd.

On Jan. 27, S&P had assigned a B rating to Continental Chemical Holding Ltd.'s proposed $100 million notes. The company, however, did not proceed with that debt issue.

The revision in S&P's rating on the proposed U.S. dollar notes reflects a significant revision in the issue terms and conditions, particularly pertaining to the assignment of loans to Chinese subsidiaries and the expected repayment of priority secured debts at subsidiaries, S&P said.

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