S&P: Omnova view now stable

Standard & Poor's said it affirmed its B corporate credit rating on Omnova Solutions Inc. and revised its outlook to stable from positive.

"The outlook revision reflects Omnova's slower-than-expected improvement in operating performance," said S&P credit analyst Henry Fukuchi in a news release. "The outlook also reflects our expectation that operating performance will be stable and liquidity adequate for the next few years."

S&P also affirmed its B+ issue-level rating and 2 recovery rating on Omnova's $200 million term loan B facility maturing June 2017. The 2 recovery rating indicates S&P's expectation of substantial recovery for lenders in the event of a payment default, the agency said.

At the same time S&P said it affirmed its B- issue-level rating and 5 recovery rating on the company's $250 million senior unsecured notes due December 2018. The 5 recovery rating indicates the agency's expectation for modest recovery in the event of a payment default, the agency said.

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