S&P: Sterling Chemicals notes unchanged

Standard & Poor's said that it updated its analysis on Sterling Chemicals Inc.'s senior secured notes due 2015, because of changes in the transaction and collateral structure following the initial rating assignment.

The senior secured debt rating and recovery rating remain unchanged.

The size of the notes has been increased to $150 million from $125 million and the notes are rated B-, at the same level as the corporate credit rating, with a 3 recovery rating, the agency said.

These ratings, as well as the corporate credit rating, are contingent on the company, concurrently with the closing on the notes, extending the maturity of its revolving credit facility, S&P noted.

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