Navigation Links
Huntsman Responds to S&P Action
Date:3/17/2009

THE WOODLANDS, Texas, March 17 /PRNewswire-FirstCall/ -- Standard & Poor's Rating Services (S&P) today announced a lowering of its credit rating to 'B' on Huntsman Corporation's (NYSE: HUN) corporate credit rating.

In response to S&P's action, Huntsman reaffirms that its operations are sound and that its liquidity is ample to weather the current global economic recession. Huntsman has met the challenging operating environment by putting in action a plan to reduce annualized costs by $150 million and reduce 2009 capital expenditures by approximately $190 million compared to the previous year.

Huntsman has no significant near term debt maturities until the second half of 2010 when its $650 million revolver matures in August and when its $296 million of senior secured notes mature in October. It intends on renewing its accounts receivable securitization facility when it matures in November 2009.

Huntsman expects to have more than $1 billion of liquidity at the end of the first quarter 2009 and be in full compliance with its single maintenance financial covenant. Liquidity may be enhanced further in 2009 through resolution of the pending multi billion dollar suit against Credit Suisse and Deutsche Bank, which is scheduled for court ordered mediation on May 11, 2009 and trial, if necessary, to commence on June 8, 2009. Further, Huntsman has claims outstanding in excess of $235 million relating to its 2006 Port Arthur Texas fire claim for which binding arbitration is scheduled later this year.

Peter R. Huntsman, its President and CEO, stated: "In spite of a prolonged disruption in the global economy, Huntsman's long term prospects are bright. Our business footprint is global and well diversified. We expect to prosper as the world economies are restored and as governments continue to make available trillions of dollars of stimulus monies. Further, our board of directors has been deliberate in stating that our present liquidity will be preserved and used prudently in addressing forthcoming debt maturities."

About Huntsman:

Huntsman is a global manufacturer and marketer of differentiated chemicals. Its 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. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has more than 12,000 employees and operates from multiple locations worldwide. The Company had 2008 revenues exceeding $10 billion. For more information about Huntsman, please visit the Company's website at www.huntsman.com.

Forward-Looking Statements:

Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. In addition, the completion of any transactions described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company's expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.


'/>"/>
SOURCE Huntsman Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Huntsman to Discuss Fourth Quarter and Full Year 2007 Results on Friday, February 22, 2008
2. The Honorable Edward M. Kennedy, Scientists Mina J. Bissell and Susan Band Horwitz, and Philanthropist Jon M. Huntsman to Receive American Cancer Society Highest Honor for Outstanding Contributions to Cancer Fight
3. Jon M. Huntsman Receives American Cancer Society Medal of Honor
4. Bioniche Responds to Australian Equine Influenza Outbreak
5. PA Secretary of Public Welfare Responds to Warren State Hospital Closure Rumors
6. GlaxoSmithKline Responds to JAMA Articles
7. Common Good Responds to a Trial Bar Study Opposing Health Courts
8. Consumer Specialty Products Association Responds to European Study Investigating Spray Products and Asthma
9. DuPont Responds to Spelter, W.Va., Lawsuit Decision
10. MARCOR Responds to Deadly MRSA Outbreak
11. The Salvation Army Responds to Immediate Needs of Survivors and Relief Workers in Southern California Wildfires
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/21/2017)... ... May 20, 2017 , ... Pot. Reefer. Grass. Mary Jane. ... it, and share its attributes like never before. More than a map, new social ... enthusiasts to stores, strains, products – and for the first time – each other. ...
(Date:5/21/2017)... FL (PRWEB) , ... May 21, 2017 , ... Florida ... announce the opening of its newest location at 109 Silver Palm Ave., Melbourne, on ... Rodolfo Gari. , With the opening of the Melbourne practice, PPOA operates 23 pain ...
(Date:5/21/2017)... ... 21, 2017 , ... Following the tragic and widely publicized death of Rory ... require that hospitals follow a protocol to quickly identify and treat the condition. ... such steps would have saved Rory or anyone else’s life. , Now, five ...
(Date:5/19/2017)... ... 19, 2017 , ... In a continuous effort to raise awareness of autism ... company that specializes in natural and organic latex mattresses, has announced that they will ... unique share their recent viral Facebook video receives, up to $10,000.00. ...
(Date:5/19/2017)... ... 2017 , ... DMG Productions is proud to announce that ... Begley, Jr., airing fourth quarter 2017 on FOX Business. , Based in Jersey ... made from naturally occurring ingredients. Innovations will enlighten viewers on RawTrition’s all-in-one supplement ...
Breaking Medicine News(10 mins):
(Date:5/8/2017)... , May 8, 2017  Diplomat Pharmacy, Inc. (NYSE: ... Inc. ("WRB"), a health care service center company ... WRB specializes in relationship management programs for leading ... WRB will join Envoy ... support services for manufacturers, biotech firms, and other service ...
(Date:5/6/2017)... 5, 2017  May is Stroke Awareness Month and ... most important methods to prevent a stroke: monitor and ... Disease Control and Prevention, undetected and uncontrolled hypertension is ... the global leader in personal heart health technology, recently ... heart attack and stroke and is advancing a national ...
(Date:5/4/2017)...  Fortuna Fix Inc. (" Fortuna "), a private, ... eliminate the need for embryonic and fetal stem cells by ... Fortuna announced today the launch of ... , MD, PhD; Father Kevin FitzGerald , S.J., PhD; ... James Giordano , PhD. "We are excited ...
Breaking Medicine Technology: