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Rating Action:

Moody's Changes Ratings on 47 US Chemical Companies Under LGD Rating Methodology

27 Sep 2006
Moody's Changes Ratings on 47 US Chemical Companies Under LGD Rating Methodology

New York, September 27, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the US Chemicals and Allied Products companies. The US Chemicals and Allied Products sector included 47 companies subject to the LGD methodology. Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Following is a list of the rating actions for the US Chemicals and Allied Products sector. The rating immediately after the company name denotes the corporate family rating while the percentages next to the LGDAs represent the expected LGD rates.

Airgas Inc., Ba1

PDR: Ba1

$225mm 9.125% Sr Sub Notes due 10/2011, Ba2 --> Ba2, LGD5, 89%

$150mm 6.25% Sr Sub Notes due 7/2014, Ba2 --> Ba2, LGD5, 89%

American Pacific Corporation, B2

PDR: B2

$10mm Gtd Sr Sec First Lien Revolving Credit due 2010, B2 --> Ba3, LGD2, 26%

$65mm 9.5% Gtd Sr Sec First Lien Term Loan due 2010, B2 --> Ba3, LGD2, 26%

$20mm 14.5% Gtd Sr Sec Second Lien Term Loan due 2011, Caa1 --> B3, LGD4, 66%

American Rock Salt Company LLC, B3

PDR: B3

$100mm 9.5% Gtd Sr Sec Notes due 2014, B3 --> Caa1, LGD4, 68%

Arr-Maz Custom Chemicals, B2

PDR: B2

$125mm Gtd Sr Sec First Lien Term Loan due 2012, B2 --> B1, LGD3, 36%

$15mm Gtd Sr Sec First Lien Revolver due 2012, B2 --> B1, LGD3, 36%

$52.5mm Gtd Sr Sec Second Lien Term Loan due 2013, Caa1 --> Caa1, LGD5, 86%

Ashland Inc., Ba1

PDR: Ba1

Sr Unsec MTN due through 2019, Ba1 --> Ba1, LGD4, 60%

8.8% Debentures due 2012, Ba1 --> Ba1, LGD4, 60%

6.86% MTN Series H due 2009, Ba1 --> Ba1, LGD4, 60%

6.625% Sr Notes due 2008, Ba1 --> Ba1, LGD4, 60%

Aventine Renewable Energy Holdings, Inc., B2

PDR: B2

$160mm Sr Sec Flt Rate Notes due 2011, B2 --> B3, LGD4, 68%

Chemtura Corporation, Ba1

PDR: Ba1

$500mm 6.875% Gtd Sr Notes due June 2016, Ba1 --> Ba1, LGD4, 53%

$150mm 6.875% Sr Sec Debentures due Feb 2026, Ba1 --> Ba1, LGD4, 53%

Great Lakes Chemical Corporation

$400mm 7% Gtd Sr Notes due July 2009, Ba1 --> Ba1, LGD4, 53%

CII Carbon, B1

PDR: B2

$50mm Gtd Sr Sec Revolving Credit Facility due 2010, B1 --> B1, LGD3, 33%

$211mm Gtd Sr Sec Term Loan due 2012, B1 --> B1, LGD3, 33%

Compass Minerals Group, Inc. , B1

PDR: B1

$350mm Gtd Sr Sec Term Loan due 2012, B1 --> Ba3, LGD2, 29%

$125mm Gtd Sr Sec Revolving Credit Facility due 2010, B1 --> Ba3, LGD2, 29%

Crystal US Holdings 3 LLC, B1

PDR: B1

$321.6mm 10.5% Sr Discount Notes due 2014, Caa2 --> B3, LGD6, 95%

$77mm 10% Sr Discount Notes due 2014, Caa2 --> B3, LGD6, 95%

BCP Crystal US Holdings Corp

EUR187mm (US$228mm) Credit-linked Letter of Credit Facility, B1 --> Ba3, LGD3, 40%

EUR313mm (US$380mm) Gtd Sr Sec Revolving Credit Facility due 4/2009, B1 --> Ba3, LGD3, 40%

US$220mm Gtd Sr Sec Revolving Credit Facility due 4/2009, B1 --> Ba3, LGD3, 40%

EUR270mm (US$327mm) Gtd Sr Sec Term Loan Facility due 4/2011, B1 --> Ba3, LGD3, 40%

$935mm Gtd Sr Sec Term Loan Facility due 4/2011, B1 --> Ba3, LGD3, 40%

$426mm Gtd Sr Sec Term Loan Facility due 4/2011, B1 --> Ba3, LGD3, 40%

$800mm 9.625% Gtd Sr Sub Global Notes due 6/2014, B3 --> B3, LGD5, 88%

EUR130mm (US$165mm) 10.375% Gtd Sr Sub Global Notes due 6/2014, B3 --> B3, LGD5, 88%

CNA Holdings, Inc

$13.765mm 7.125% MTN due 3/2009, B2 --> B3, LGD5, 80%

Various Pollution Control & Industrial Revenue Bonds due at Various Dates through 2030, B2 --> B3, LGD5, 80%

FiberVisions Delaware Corporation, B2

PDR: B2

$20mm Gtd Sr Sec First Lien Revolving Credit Facility due 2011, B2 --> B1, LGD3, 43%

$70mm Gtd Sr Sec First Lien Term Loan due 2013, B2 --> B1, LGD3, 43%

$20mm Gtd Sr Sec Second Lien Term loan due 2013, Caa1 --> Caa1, LGD5, 89%

Georgia Gulf Corporation, Ba3

PDR: Ba3

$375mm Gtd Sr Sec Revolving Credit Facility due 9/2011, Ba2 --> Ba2, LGD3, 33%

$800mm Gtd Sr Sec Term Loan due 9/2013 , Ba2 --> Ba2, LGD3, 33%

$500mm Gtd Sr Unsec Notes due 9/2014, B1 --> B1, LGD4, 67%

$100mm 7.125% Gtd Global Unsec Notes due 12/2013, B1 --> B1, LGD4, 67%

$250mm Gtd Sr Sub Notes due 9/2016, B2 --> B2, LGD6, 93%

Graftech International Ltd., B1

PDR: B1

$215 mm Gtd Sr Sec Revolving Credit Facility due 2010, Ba3 --> Ba1, LGD1, 7%

$435 mm 10.25% Gtd Sr Unsec Global Notes due 2012, B2 --> B2, LGD4, 62%

$225 mm 1.625% Gtd Sr Unsec Conv Debentures due 2024, B2 --> B2, LGD4, 62%

Hercules Incorporated, Ba2

PDR: Ba2

$150mm Gtd Sr Sec Revolving Credit Facility due 10/2010, Ba1 --> Baa3, LGD2, 18%

$391mm Gtd Sr Sec Term Loan B due 10/2010 , Ba1 --> Baa3, LGD2, 18%

$100mm 6.60% Gtd Sr Sec Notes due 2027, Ba1 --> Baa3, LGD2, 18%

$16mm 11.125% Gtd Sr Unsec Notes due 2007, Ba2 --> Ba2, LGD3, 40%

$250mm 6.75% Gtd Sr Sub Notes due 2029, Ba3 --> Ba3, LGD4, 61%

$3mm 8.00% Conv Sub Debentures due 2010, B1 --> B1, LGD5, 89%

$217mm 6.50% Jr Sub Deferrable Int. Debentures due 2029, B1 --> B1, LGD5, 89%

Shelf - Sr Unsec, Ba2 --> Ba2, LGD3, 40%

Shelf - Sub, B1 --> Ba3, LGD4, 61%

Shelf - Jr Sub, B1 --> B1, LGD5, 89%

Shelf - Pref Cum, B1 --> B1, LGD6, 97%

Shelf - Pref Non Cum, B1 --> B1, LGD6, 97%

Hexion Specialty Chemicals Inc., B2

PDR: B2

$225mm Gtd Sr Sec Revolving Credit Facility due 5/2011, B2 --> Ba3, LGD2, 29%

$50mm Gtd Sr Sec Letter of Credit Facility due 5/2011, B2 --> Ba3, LGD2, 29%

$1,625mm Gtd Sr Sec Term Loan due 5/2013, B2 --> Ba3, LGD2, 29%

$300mm Flt Rate Gtd Second Lien Sr Sec Notes due 7/2010, B3 --> B3, LGD5, 77%

$325mm 9.0% Gtd Second Lien Sr Sec Notes due 7/2014, B3 --> B3, LGD5, 77%

$114.8mm 9.2% Unsec Debentures due 3/2021, Caa1 --> Caa1, LGD6, 94%

$246.8mm 7.875% Unsec Notes due 2/2023, Caa1 --> Caa1, LGD6, 94%

$78.0mm 8.375% S.F. Debentures due 4/2016, Caa1 --> Caa1, LGD6, 94%

$34.0mm Pollution Control Revenue Bonds Series 1992 due 12/2009, Caa1 --> B3, LGD5, 77%

Houghton International, Inc., B2

PDR: B2

$90mm Gtd Sr Sec Term Loan due 2011, B2 --> B2, LGD3, 45%

$25mm Gtd Sr Sec Revolving Credit Facility due 2010, B2 --> B2, LGD3, 45%

Huntsman International LLC, B1

PDR: B1

$650mm Gtd Sr Sec Revolving Credit Facility due Jul 2010, Ba3 --> Ba3, LGD3, 31%

$2200mm Gtd Sr Sec Term Loan B due Jul 2012, Ba3 --> Ba3, LGD3, 31%

$296.01mm 11.625% Gtd Sr Sec Global Notes due Oct 2010, Ba3 --> Ba3, LGD3, 31%

$300mm 9.875% Gtd Global Notes due Mar 2009, B2 --> B2, LGD4, 69%

$150mm 9.875% Gtd Global Notes due Mar 2009, B2 --> B2, LGD4, 69%

$198mm 11.5% Gtd Sr Global Notes due Jul 2012, B2 --> B2, LGD4, 69%

EUR122.02mm 10.125% Sr Sub Notes due Jul 2009, B3 --> B3, LGD6, 91%

EUR135mm 7.5% Sr Sub Notes due Jan 2015, B3 --> B3, LGD6, 91%

EUR250mm 10.125% Sr Sub Notes due Jul 2009, B3 --> B3, LGD6, 91%

$175mm 7.375% Sr Sub Notes due Jan 2015, B3 --> B3, LGD6, 91%

$366.05mm 10.125% Sr Sub Notes due Jul 2009, B3 --> B3, LGD6, 91%

Innophos Investments Holdings, Inc., B2

PDR: B2

$120mm Flt Rate Sr Notes due 2015, Caa2 --> Caa1, LGD5, 89%

Innophos Inc.

$50mm Sr Sec Revolving Credit Facility due 2009, B2 --> Ba2, LGD2, 17%

$220mm Sr Sec Credit Facility - Term Loan B - due 2010, B2 --> Ba2, LGD2, 17%

$190mm Sr Sub Notes due 2014, Caa1 --> B3, LGD4, 62%

INVISTA B.V., Ba2

PDR: Ba2

$400mm Gtd Sr Sec Revolving Credit Facility due Apr 2010, Ba2 --> Ba1, LGD2, 29%

$303mm Gtd Sr Sec Credit Facility - Tranche A-1, A-2 Term Loan - due 2010, Ba2 --> Ba1, LGD2, 29%

$930mm Gtd Sr Sec Credit Facility - Tranche B-1, B-2 Term Loan - due 2011, Ba2 --> Ba1, LGD2, 29%

$675mm 9.25% Sr Notes 2012, Ba3 --> Ba3, LGD5, 79%

ISP Chemco, Ba3

PDR: Ba3

$250mm Gtd Sr Sec Revolving Credit Facility due 2012, Ba3 --> Ba3, LGD3, 49%

$950mm Sr Sec Credit Facility - Term Loan - due 2013, Ba3 --> Ba3, LGD3, 49%

Koppers Holdings Inc., B1

PDR: B1

$203mm 9.875% Sr Unsec Discount Global Notes due 2014, Caa1 --> B3, LGD6, 90%

Koppers Inc. (Subsidiary)

$218.30mm 9.875% Gtd Sr Sec Global Notes due 2013, B1 --> B2, LGD4, 57%

Kraton Polymers LLC, B1

PDR: B1

$385mm Gtd Sr Sec Term Loan due May 2013, B1 --> Ba3, LGD3, 34%

$75mm Gtd Sr Sec Revolving Credit Facility due May 2011, B1 --> Ba3, LGD3, 34%

$200M 8.125% Gtd Sub Unsec Notes due Jan 2014, B3 --> B3, LGD5, 85%

Kronos International Inc. , B1

PDR: B1

EUR400mm 6.5% Sr Sec Notes due 2013, B2 --> B2, LGD5, 75%

Lyondell Chemical Company, Ba3

PDR: Ba3

$800mm Gtd Sr Sec Revolving Credit Facility due 8/2011, Ba3 --> Ba2, LGD2, 28%

$1,775mm Gtd Sr Sec Term Loan due 8/2013, Ba3 --> Ba2, LGD2, 28%

$430mm 9.5% Gtd Sr Sec Global Notes due 12/2008, Ba3 --> Ba2, LGD2, 28%

$849mm 9.625% Sr Sec Notes Series A due 5/2007, Ba3 --> Ba2, LGD2, 28%

$325mm 10.5% Gtd Sr Sec Global Notes due 6/2013, Ba3 --> Ba2, LGD2, 28%

$278mm 11.125 Gtd Sr Sec Notes due 7/2012, Ba3 --> Ba2, LGD2, 28%

$875mm 8.0% Gtd Sr Unsec Notes due 9/2014, B1 --> B1, LGD5, 73%

$900mm 8.25% Gtd Sr Unsec Notes due 9/2016, B1 --> B1, LGD5, 73%

$100mm 10.25% Sr Unsec Debentures due 11/2010, B1 --> B1, LGD5, 73%

$225mm 9.8% Sr Unsec Debentures due 2/2020, B1 --> B1, LGD5, 73%

$500mm 10.875% Sr Sub Notes due 5/2009, B2 --> B2, LGD6, 95%

Equistar Chemicals LP, Ba3

PDR: Ba3

$700mm 10.125% Sr Unsec Notes due 9/2008, B1 --> B1, LGD4, 64%

$600mm 8.75% Sr Unsec Notes due 2/2009, B1 --> B1, LGD4, 64%

$700mm 10.58% Sr Unsec Notes due 5/2011, B1 --> B1, LGD4, 64%

$150mm 7.55% Sr Unsec Debentures due 2/2026, B1 --> B1, LGD4, 64%

Millennium Chemicals Inc., Ba3

PDR: Ba3

$150mm 4.0% Gtd Conv Debentures due 11/2023, B1 --> B1, LGD4, 66%

Millennium America Inc.

$125mm Gtd Sr Sec Revolving Credit Facility due 8/2010, Ba2 --> Baa3, LGD2, 12%

$25mm Gtd Sr Sec Revolving Credit Sub Facility (Australia) due 8/2010, Ba2 --> Baa3, LGD2, 12%

$100mm Gtd Sr Sec Term Loan (Australia) due 8/2010, Ba2 --> Baa3, LGD2, 12%

$9mm 7.0% Gtd Sr Unsec Notes due 11/2006, B1 --> B1, LGD4, 66%

$98mm 9.25% Gtd Global Unsec Notes due 6/2008, B1 --> B1, LGD4, 66%

$275mm 9.25% Gtd Global Unsec Notes due 6/2008, B1 --> B1, LGD4, 66%

$249mm 7.625% Gtd Sr Unsec Debentures due 11/2026, B1 --> B1, LGD4, 66%

MacDermid, Incorporated, Ba2

PDR: Ba2

$301.5mm 9.125% Gtd Sr Sub Notes due 2011, Ba3 --> Ba2, LGD4, 57%

Methanex Corporation, Ba1

PDR: Ba1

$200mm 8.75% Sr Unsec Notes due 2012, Ba1 --> Ba1, LGD4, 56%

$150mm 6.00% Sr Unsec Notes due 2015, Ba1 --> Ba1, LGD4, 56%

The Mosaic Company, Ba3

PDR: Ba3

$450mm Gtd Sr Sec Revolving Credit Facility due 2/18/2010, Ba2 --> Baa3, LGD2, 14%

Mosaic Global Holdings Inc.

$50mm Gtd Sr Sec Term Loan A due 2/18/2010, Ba2 --> Baa3, LGD2, 14%

$347mm Gtd Sr Sec Term Loan B due 2/18/2012, Ba2 --> Baa3, LGD2, 14%

$150mm 6.875% Sr Unsec Debentures due 7/15/2007, B1 --> B2, LGD5, 89%

$150mm 7.30% Notes due 1/15/2028, B1 --> B2, LGD5, 89%

$400mm 10.875% Gtd Global Notes due 6/1/2008, Ba3 --> Ba3, LGD4, 57%

$104mm 11.250% Gtd Global Notes Series B due 6/1/2011, Ba3 --> Ba3, LGD4, 57%

$300.0mm 11.250% Gtd Global Notes Series B due 6/1/2011, Ba3 --> Ba3, LGD4, 57%

$19mm 9.45% Sr Debentures due 12/15/2011, B1 --> B2, LGD5, 89%

$395mm 10.875% Gtd Global Notes due 8/1/2013, Ba3 --> Ba3, LGD4, 57%

$90mm 7.375% Debentures due 8/1/2018, B1 --> B2, LGD5, 89%

Phosphate Acquisition Partners L.P.

$150mm 7.0% Sr Unsec Notes due 2/15/2008, Ba3 --> B2, LGD6, 95%

Nalco Finance Holdings, B1

PDR: B1

$250mm Gtd Sr Sec Revolving Credit Facility due 11/2009, B1 --> Ba2, LGD2, 29%

Nalco Company

$79mm Gtd Sr Sec Credit Facility - Term Loan A - due 11/2009 ($ and EUR), B1 --> Ba2, LGD2, 29%

$1071mm Gtd Sr Sec Credit Facility - Term Loan B - due 11/2010, B1 --> Ba2, LGD2, 29%

$920.1mm 7.75% Sr Notes due 2011 ($ and EUR), B2 --> B1, LGD3, 43%

$465mm 8.875% Sr Sub Notes due 2013, Caa1 --> B3, LGD5, 86%

EUR200mm 9.0% Sr Sub Notes due 2013, Caa1 --> B3, LGD5, 86%

$360mm Sr Discount Global Notes due 02/2014, Caa2 --> B3, LGD6, 95%

NewMarket Corporation, Ba3

PDR: Ba3

$100mm Gtd Sr Sec Revolving Credit Facility due 2009, Ba2 --> Baa3, LGD2, 12%

$150mm Sr Unsec Notes due 2010, B1 --> B2, LGD5, 81%

NOVA Chemical Corporation, Ba2

PDR: Ba2

$400mm Flt Rate Global Sr Unsec Notes due 11/2013, Ba2 --> Ba2, LGD4, 57%

$400mm 6.5% Global Sr Unsec Notes due 1/2012, Ba2 --> Ba2, LGD4, 57%

$125mm 7.25% Sr Unsec Debentures due 8/2028, Ba2 --> Ba2, LGD4, 57%

$100mm 7.875% Sr Unsec Debentures due 9/2025, Ba2 --> Ba2, LGD4, 57%

Oglebay Norton Company, B1

PDR: B1

$55mm Gtd Sr Sec Revolving Credit Facility due 2011, B1 --> B1, LGD3, 45%

$140mm Gtd Sr Sec Term Loan B due 2012, B1 --> B1, LGD3, 49%

$35mm Gtd Sr Sec Delayed Draw Term Loan due 2012, B1 --> B1, LGD3, 49%

OM Group, B2

PDR: B2

$400mm 9.25% Gtd Sr Sub Notes due 2011, Caa1 --> B3, LGD4, 58%

OMNOVA Solutions Inc., B2

PDR: B2

$100mm Sr Sec Revolving Credit Facility due 2006, B1 --> Ba2, LGD2, 21%

$165mm 11.25% Sr Sec Notes due 2010, B2 --> B3, LGD4, 64%

PolyOne Corporation, B2

PDR: B2

$300mm 10.625% Sr Global Unsec Notes due 5/2010, B3 --> B2, LGD4, 59%

$200mm 8.875% Sr Unsec Notes due 5/2012, B3 --> B2, LGD4, 59%

$50mm 7.5% Sr Unsec Debentures due 12/2015, B3 --> B2, LGD4, 59%

$20mm 7.11% Unsec MTN, P.S.#3 due 6/2007, B3 --> B2, LGD4, 59%

$10mm 7.16% Unsec MTN, P.S.#4 due 6/2008, B3 --> B2, LGD4, 59%

$10mm 6.89% Unsec MTN, P.S.#6 due 9/2008, B3 --> B2, LGD4, 59%

$20mm 6.91% Unsec MTN, P.S.#7 due 10/2009, B3 --> B2, LGD4, 59%

$20mm 6.52% Unsec MTN, P.S.#8 due 2/2010, B3 --> B2, LGD4, 59%

$20mm 6.58% Unsec MTN, P.S.#9 due 2/2011, B3 --> B2, LGD4, 59%

PQ Corporation, B1

PDR: B1

$365mm Gtd Sr Sec Term Loan due 2012, B1 --> Ba2, LGD2, 26%

$275mm 7.50% Gtd Sr Sub Notes due 2013, B3 --> B3, LGD5, 84%

$100mm Gtd Sr Sec Credit Facility due 2011, B1 --> Ba2, LGD2, 26%

Reichhold Industries Inc., B1

PDR: B1

$195mm 9.00% Gtd Sr Notes due 2014, B2 --> B2, LGD4, 61%

Rockwood Specialties Group Inc., B1

PDR: B1

EUR37.2mm (US$47.5mm) Gtd Sr Sec Credit Facility Tranche A-1 Term Loan due July 30, 2011, B1 --> Ba2, LGD2, 27%

EUR1.6mm (US$2m) Gtd Sr Sec Credit Facility Tranche A-2 Term Loan due July 30, 2011, B1 --> Ba2, LGD2, 27%

$1134mm Gtd Sr Sec Credit Facility Tranche E Term Loan due July 30, 2012, B1 --> Ba2, LGD2, 27%

EUR272.1mm (US$347.9mm) Gtd Sr Sec Credit Facility Tranche F Term Loan due July 30, 2012, B1 --> Ba2, LGD2, 27%

$250mm Gtd Sr Sec Revolving Credit Facility due July 30, 2010, B1 --> Ba2, LGD2, 27%

$273mm 10.625% Gtd Sr Sub Notes due 2011, B3 --> B3, LGD5, 81%

$200mm 7.500% Gtd Sr Sub Notes due 2014, B3 --> B3, LGD5, 81%

EUR375mm (US$480.1mm) 7.625% Gtd Sr Sub Notes due 2014, B3 --> B3, LGD5, 81%

Sensient Technologies Corporation, Ba1

PDR: Ba1

$150mm 6.50% Notes due April 2009 , Ba1 --> Ba1, LGD4, 59%

Supresta LLC, B1

PDR: B1

$140mm Gtd Sr Sec Term Loan due 2011, B1 --> Ba3, LGD3, 35%

$25mm Gtd Sr Sec Revolving Credit Facility due 2009, B1 --> Ba3, LGD3, 35%

Terra Industries Inc., B1

PDR: B1

$200mm 12.875% Gtd Sr Sec Notes due 10/2008, B1 --> Ba3, LGD3, 31%

$131.3mm 11.5% Gtd Second Priority Sr Sec Notes due 06/2010, B2 --> B2, LGD4, 68%

Texas Petrochemicals LP, Ba3

PDR: Ba3

$280mm Gtd Sr Sec Term Loan due 2013, Ba3 --> Ba3, LGD4, 51%

Tronox Worldwide LLC, Ba3

PDR: Ba3

$250mm Gtd Sr Sec Revolving Credit Facility due Nov 2010, Ba2 --> Ba1, LGD2, 21%

$199mm Gtd Sr Sec Term Loan due Nov 2011, Ba2 --> Ba1, LGD2, 21%

$350mm 9.5% Gtd Sr Unsec Notes due Dec 2012, B1 --> B1, LGD5, 75%

Unifrax Corporation, B2

PDR: B2

$50mm Gtd Sr Sec Revolver due 2012, B2 --> Ba3, LGD2, 28%

$180mm Gtd Sr Sec Term Loan B due 2013, B2 --> Ba3, LGD2, 28%

United Agri Products, Ba3

PDR: Ba3

$675mm Gtd Sr Sec Revolving Credit Facility due 2011, Ba2 --> Ba1, LGD2, 20%

$175mm Gtd Sr Sec Term Loan due 2012, Ba3 --> Ba3, LGD3, 46%

VeraSun Energy Corporation, B2

PDR: B2

$210mm 9.875% Gtd Sr Sec Notes due 2012, B2 --> B2, LGD4, 53%

Wellman Inc., B2

PDR: B2

$185mm Gtd First Lien Term Loan due 2009, B1 --> Ba3, LGD2, 29%

$265mm Gtd Second Lien Term Loan due 2010, B2 --> B3, LGD5, 76%

Westlake Chemical Corporation, Ba2

PDR: Ba2

$250mm 6.625% Gtd Sr Unsec Notes due 1/2016, Ba2 --> Ba3, LGD5, 74%

New York
Brian Oak
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
John Rogers
Senior Vice President
Corporate Finance Group
Moody's Investors Service
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CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the credit rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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© 2023 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.