PE Debt Watch (Upgrades & Downgrades)
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Ratings Services and Moody’s Investors Service. Company: Hexion Specialty Chemicals Inc. Sponsor: Apollo Management Action: S&P raised its ratings, including its corporate credit rating to 'B-' from 'CCC+', on the company. Highlight: "The upgrade reflects an improvement in credit quality following the successful completion of Hexion's financing transaction including amendments to its senior secured credit facilities, and our expectation that an ongoing trend of improving operating results will continue into 2010," said Standard & Poor's credit analyst Paul Kurias.
5 February 2010•3 mins read
