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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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