S&P gives Solutia Europe, loan B

Standard & Poor's said it assigned its B long-term and short-term corporate credit ratings to Solutia Europe SA/NV.

The outlook is developing.

At the same time, S&P said it assigned its B senior secured debt rating to the proposed €200 million term loan to be issued by Solutia subsidiary Solutia Services International SCA, with a recovery rating of 4.

S&P noted that the ratings on Solutia are constrained by the Chapter 11 bankruptcy status of its U.S.-based parent company Solutia Inc., adding that the ratings are supported, however, by the company's good market position as Europe's largest producer of PVB.

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