Improved operating conditions and lower capital spending have led to an improved financial performance for Hexion Inc. Despite "less than adequate" liquidity, the company's liquidity position has marginally improved. We are revising our outlook on Hexion to stable from negative and affirming all ratings, including the 'CCC+' corporate credit rating. The stable outlook reflects our expectation that funds from operations (FFO) to debt will remain in the mid-single-digit range and debt to EBITDA will be under 10x, and that liquidity will not deteriorate. On Sept. 14, 2015, Standard&Poor's Ratings Services affirmed its 'CCC+' corporate credit rating on Ohio-based Hexion Inc. and revised the rating outlook to stable from negative. At the same time, we affirmed our 'CCC+' first-lien
