Nova And Solutia Get New Credit | October 19, 2009 Issue - Vol. 87 Issue 42 | Chemical & Engineering News
Volume 87 Issue 42 | p. 19 | Concentrates
Issue Date: October 19, 2009

Nova And Solutia Get New Credit

Department: Business
Keywords: Debt Issue, Bonds, Credit Ratings, Credit Markets

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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