Columbus, Ohio-based thermoset resin manufacturer and marketer Hexion Inc. has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Therefore, we are lowering our issuer credit rating on Hexion to 'D' from 'CCC'. At the same time, we are lowering our issue-level rating on the company's senior debt to 'D' from 'CCC'. The '3' recovery rating remains unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. We are also lowering our issue-level rating on the company's lower priority debt to 'D' from 'CCC-'. The '5' recovery rating remains unchanged, indicating our expectation for modest (10%-30%; rounded estimate: 20%) recovery in a default scenario. The downgrade reflects Hexion's announcement on April
