S&P cuts Huntsman, debt

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

The agency also lowered its rating on Huntsman International’s senior secured debt to BB from BB+. The recovery rating on the senior secured debt is 2, reflecting an expectation for substantial recovery (lower half of the 70% to 90% range) in the event of a default.

At the same time, S&P downgraded its ratings on Huntman's junior debt to B from B+. The recovery ratings on the junior debt consisting of subordinated debt and unsecured debt are 6, reflecting an expectation for negligible recovery (0%-10%) in the event of a default.

"The downgrade reflects our expectation that the company's 2016 operating performance will continue to lag below our previous base case forecast," S&P credit analyst Paul Kurias said in a news release.

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