S&P: Huntsman, Hexion still on watch

Standard & Poor's said that its ratings on Huntsman Corp. and Hexion Specialty Chemicals Inc. remain on Creditwatch with negative implications, where they were placed on July 5, 2007.

The initial Creditwatch placement followed the announcement of Hexion's proposed debt-financed acquisition of Huntsman in a transaction valued at more than $10 billion, including assumed debt, the agency said.

This Creditwatch update follows the ruling in the Court of Chancery of the State of Delaware related to Huntsman's lawsuit with Hexion and its owner, Apollo Management LLC, S&P noted, adding that Hexion argued that the merger is no longer viable based on the proposed highly leveraged capital structure of the combined company.

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