...We believe Columbus, Ohio-based thermoset resin manufacturer and marketer Hexion Inc.'s asset-based lending (ABL) facility has become current (potentially due within one year), which has increased our assessment of liquidity risks the company faces. Despite an ongoing attempt to divest assets to help address $2.5 billion in debt due in 2020, the company has not yet announced any sales, heightening our perception of risks about its ability to address these approaching maturities. As a result, we lowered our issuer credit rating on Hexion to '###' from '###+.' At the same time, we lowered our issue rating on the company's senior debt to '###' from '###+'. The recovery rating remains '3', indicating our expectation of meaningful (50%-70%; rounded estimate 50%) recovery in the event of a default scenario. We also lowered our issue ratings on the rest of the company's debt to '###-' from '###'. The recovery rating remains '5', indicating our expectation of modest (10%-30%; rounded estimate 20%)...
