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Huntsman International LLC -- Moody's upgrades Huntsman to Baa3; outlook stable

Moody's Investors Service, ("Moody's") upgraded the senior unsecured ratings of Huntsman International LLC to Baa3 from Ba1, due to the expectation that the company will operate under a more conservative financial policy and maintain unadjusted leverage at or below 2.0 times (closer to 3.0x gross leverage on a Moody's adjusted basis), while undertaking small to moderate acquisitions to expand its specialty businesses and continuing modest share buybacks. Moody's also withdrew the Corporate Family Ratings, Probability of Default ratings and the Speculative Grade Liquidity rating of Huntsman Corporation and Huntsman International LLC. The upgrade also reflects the expectation that Huntsman will be able to generate $300 to $500 million of free cash flow on an annual basis, which will provide meaningful financial flexibility.