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April 17, 2008 |
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POLYONE CORP: S&P Holds B+ Rating on US$80 Million Notes Standard & Poor's Ratings Services affirmed its 'B+' issue rating and '4' recovery rating on PolyOne Corp.'s US$80 million issuance of 8.875% unsecured notes due 2012, indicating the expectation for average (30% to 50%) recovery in the event of a payment default. PolyOne will use the proceeds of these notes to pay down a portion of its outstanding debt. The notes are an add-on to PolyOne's 8.875% senior unsecured notes, which the company issued on April 23, 2002. The issue and recovery ratings on PolyOne's 8.875% existing senior unsecured notes and 7.5% unsecured debentures remain unchanged at 'B+' (the same as the corporate credit rating on the company) and '4', respectively. PolyOne also has a guarantee and security agreement and several unsecured debt issuances, which we do not rate. The corporate credit rating on the company is 'B+' and the outlook is stable. "The ratings on PolyOne reflect a weak business profile, low margins, and a highly leveraged financial profile," said Standard & Poor's credit analyst Paul Kurias. "Partially offsetting factors include the company's leading market positions in several plastic product lines and its integration into chlor-alkali through an affiliate company." Headquartered in Ohio, PolyOne Corporation (NYSE: POL) -- http://www.polyone.com/ -- provides of specialized polymer materials, services and solutions. The company maintains operations in China, Colombia, Thailand and Singapore. |
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