S&P rates Ashland notes BB+

S&P said it assigned BB+ issue-level and 3 recovery ratings to Ashland Global Holdings Inc.'s subsidiary's, Ashland LLC's planned $450 million of senior unsecured notes due 2031. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in default.

“Our BB+ issuer credit rating, stable outlook and existing BB+ senior unsecured and subordinated issue-level ratings are unchanged,” S&P said in a press release.

Ashland is expected to use the proceeds primarily to repay its 4¾% senior notes due 2022.

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