S&P lowers Huntsman

Standard & Poor's said it lowered its ratings on Huntsman Corp., including its corporate credit rating to B from BB-.

The ratings remain on Creditwatch with negative implications.

At the same time, the agency said it assigned its five recovery rating, indicating the expectation of modest recovery in the event of a default, to Huntsman International LLC's existing $300 million senior unsecured notes.

S&P said it also assigned a six recovery rating, indicating the expectation of negligible recovery in the event of a default, to Huntsman International LLC's existing subordinated notes aggregating $1.285 billion.

"The ongoing Creditwatch listing reflects its concerns related to Huntsman's highly leveraged financial profile and meaningful near-term debt maturities and refinancing requirements including a $575 million accounts receivable securitization facility that matures in Nov. 2009," said S&P credit analyst Paul Kurias.

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