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Moody raises Huntsman rating to Ba3 with positive outlook

April 02/2013

MOSCOW (MRC) -- Moody's Investors Service has lifted its outlook on Huntsman Corp., noting improvements across the chemical maker's main product lines, informed The Wall Street Journal

Moody's backed Huntsman's corporate family rating at Ba3, three notches into junk territory. The outlook was raised to positive, from stable. 

The ratings firm noted overall improvements in the company's credit metrics, including a lack of sizable near-term debt. Moody's analyst Bill Reed said improvements in key end markets have increased the company's cash flow generation, and may help reduce debt over the next 12 to 18 months. 

Moody's could consider an upgrade if the company amortizes additional debt from free cash flow and maintains low leverage. A negative rating action could result from lower earnings, or if a large acquisition, dividend or stock buyback were to reduce cash and increase debt. 

As MRC wrote earlier, last week Huntsman announced a combined investment of USD135 million at two of its worldscale methylene diphenyl diisocyanate (MDI) manufacturing facilities: increasing capacity at its Geismar, USA site and upgrading its downstream specialties production capability at its Rotterdam, the Netherlands site.

Huntsman is a global manufacturer and marketer of differentiated chemicals. Our operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
Author:Margaret Volkova
Tags:car components, footwear, adhesives, packaging, tekstil, Huntsman.
Category:General News
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