Solutia has recently announced that it has signed a definitive agreement to sell its resins, additives and adhesives business to UCB S.A. for $500 million. Although the application of net sale proceeds toward debt reduction could be significant, Solutia would be losing a solid EBITDA-contributing business and interest coverage may only be mildly affected, according to Fitch.
Fitch Ratings affirms Solutia's senior secured ratings at 'BB-/B'
December 5, 2002
Fitch Ratings has affirmed the ratings of Solutia Inc., with Solutia's senior secured bank facility at 'BB-' and senior secured notes at 'B'.