Moody's ups Styron

Moody's Investors Service said it raised the corporate family rating of Styron Corp. to B1 from B2 and the rating on its $1.3 billion senior secured first-lien term loan due 2017 and its $240 million revolver due 2016 to B1 (LGD3, 49%) from B2 (LGD3, 46%).

The outlook is stable.

Proceeds from the new term loan will be used to refinance existing debt and provide a $370 million dividend to shareholders.

These actions reflects Styron's stronger than anticipated performance in the third quarter and the availability of audited financial statements, which indicate that leverage will remain relatively low despite the increase in debt, Moody's said.

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