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Business

Nova And Solutia Get New Credit

by Melody Voith
October 19, 2009 | A version of this story appeared in Volume 87, Issue 42

In a sign that credit markets are thawing, Nova Chemicals and Solutia are issuing new debt. Nova is issuing $700 million of notes due in 2016 and 2019. Solutia is selling $400 million of notes due in 2017. Standard & Poor's rates both firms' debt at well below investment grade; Solutia's notes carry a B– rating, and Nova's rating was recently raised from B to B+.

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