We expect Hexion Inc. to emerge from bankruptcy with a revised capital structure on or about July 1, 2019, after initially filing for Chapter 11 protection in April 2019. We are raising our issuer credit rating on Hexion to 'B' from 'D' based on our assumption of the successful execution of the company's deleveraging and emergence plan. We are also assigning a 'BB-' issue-level rating with a '1' recovery rating to the company's proposed term loan facility and a 'B-' issue-level rating with a '5' recovery rating to the proposed notes. The stable outlook reflects our expectation for significantly reduced balance sheet debt related to the company's bankruptcy restructuring and a relatively unchanged business. The upgrade of Hexion Inc. reflects
