Eastman Chemical Co.?s Proposed Green Notes Assigned 'BBB' Rating

NEW YORK (S&P Global Ratings) Feb. 22, 2023--S&P Global Ratings today assigned its 'BBB' issue-level rating to Eastman Chemical Co.'s proposed unsecured notes. Our issuer credit rating of 'BBB' on the company remains unchanged. The size of the offering is not definite yet, but we expect it to be about $500 million with a 10-year tenor. We expect the company to use the proceeds from these notes to finance or refinance eligible green projects. It may also temporarily use the proceeds for cash and liquid investments or to repay a portion of its outstanding debt. We note the company has approximately US$800 million of euro-denominated notes due May 2023. Our 'BBB' issuer credit rating and stable outlook on Eastman are

...February 22, 2023 NEW YORK (S&P Global Ratings) Feb. 22, 2023--S&P Global Ratings today assigned its '###' issue-level rating to Eastman Chemical Co.'s proposed unsecured notes. Our issuer credit rating of '###' on the company remains unchanged. The size of the offering is not definite yet, but we expect it to be about $500 million with a 10-year tenor. We expect the company to use the proceeds from these notes to finance or refinance eligible green projects. It may also temporarily use the proceeds for cash and liquid investments or to repay a portion of its outstanding debt. We note the company has approximately US$800 million of euro-denominated notes due May 2023. Our '###' issuer credit rating and stable outlook on Eastman are unchanged. We believe the company is tied to global economic activity, with broad geographic and end-market exposures. The company's guidance of $1.4 billion of free operating cash flow (FOCF) this year is encouraging. However, this goal depends on spread recovery...

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