...- Hexion Inc.'s recent operating results have outpaced our expectations, benefitting from strong demand and an economic rebound. The earnings recovery from pandemic lows in combination with recent debt reduction has boosted credit metrics. We anticipate sustained improvement in the company's credit metrics even after accounting for a weakening or volatility in future earnings relative to potentially record 2021 levels. - As a result, we raised our issuer credit rating on Hexion to 'B' from 'B-'. The outlook is stable. - We also raised our issue-level rating on the company' first lien secured term loan to '##-' from 'B+'. The '1' (rounded estimate: 95%) recovery rating is unchanged. - We raised the issue-level rating on the unsecured notes to 'B' from '###+'. We revised the recovery rating to '3' from '5', reflecting our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery prospects in the event of a payment default. - The stable outlook reflects our view that Hexion's credit...
