Chemtura (CHMT) Ratings Placed on CreditWatch Positive by S&P
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S&P Global Ratings said today that it placed its ratings, including the 'BB-' corporate credit rating, on Chemtura Corp. (NYSE: CHMT) on CreditWatch with positive implications.
The CreditWatch placement follows Lanxess AG's announcement that it has agreed to acquire Chemtura for $33.50 per share. The transaction values Chemtura at approximately $2.5 billion. The company expects to complete the transaction around mid-2017.
"We plan to resolve the CreditWatch placement following the close of the transaction, which is subject to customary closing conditions and regulatory approval," said S&P Global Ratings credit analyst Daniel Krauss. "Assuming the transaction closes as planned, we would subsequently raise our ratings on Chemtura to equalize them with our ratings on Lanxess before withdrawing our corporate credit rating on Chemtura." We would also withdraw our issue-level rating on Chemtura's $450 million senior unsecured notes if they are fully repaid at closing. If the transaction doesn't close, we would likely resolve the CreditWatch placement and maintain our current ratings on Chemtura.
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