Moody's affirms Huntsman, view positive

Moody's Investors Service said it affirmed the ratings of Huntsman Corp. (corporate family rating B1-), Huntsman LLC (HLLC, B1-), Huntsman International Holdings LLC (HIH, B1-) and Huntsman International LLC (HI senior unsecured B2-).

The outlooks are now positive.

The agency said the action reflects the ongoing positive progress that Huntsman has been making in its debt reduction efforts combined with recent management efforts to simplify the corporate structure, adding Huntsman recently proposed to effect an all-stock merger of two of its wholly owned subsidiaries, HLLC and HI, in which it is contemplated that HLLC would merge with and into HI, with HI being the surviving entity and holding the combined assets and liabilities of HI and HLLC.

The change to positive outlooks reflect the fact that Huntsman has not only successfully executed its initial public offering, but has also paid down some $300 million of debt obligations with operating cash flow, Moody's said.

Other affirmed ratings include HLLC's $350 million senior secured revolving credit facility at Ba3, $665 million senior secured term loan B at B1, HIH's $375 million guaranteed senior secured revolving credit facility at Ba3 and its $50 million Ba3 guaranteed senior secured multi currency facility.

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