S&P affirms Cytec

Standard & Poor's said it affirmed Cytec Industries Inc.'s BBB corporate credit rating.

The affirmation follows news that the company agreed to divest its coating resins business, which generates about half of its revenues, S&P said.

The outlook is stable.

The company said it expects the $1.03 billion sale to close in the first quarter of 2013 following the satisfaction of regulatory requirements and other customary closing conditions, S&P said.

Cytec has indicated that it will apply about $650 million of the cash proceeds from the transaction to share repurchases and use the balance for other corporate purposes, the agency said.

Favorable long-term fundamentals, especially for Cytec's engineered materials segment, and its well-established position in the global specialty chemical markets support credit quality, S&P said.

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