Home / Knowledge / News / Textiles / Huntsman responds to S&P action
Huntsman responds to S&P action
18
Mar '09
Standard & Poor's Rating Services (S&P) announced a lowering of its credit rating to 'B' on Huntsman Corporation's 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."

Huntsman Corporation

Must ReadView All

Courtesy: Reliance Industries

Textiles | On 24th Apr 2017

Reliance’s FY17 revenue from petrochemicals up 12.2%

Increase in prices across polymers and polyester chain has...

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

GST reflects 'One nation, One aspiration' spirit: Modi

Prime Minister Narendra Modi has said that the Goods and Services Tax ...

Interviews View All

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search