New York, December 11, 2014 -- Moody's Investors Service lowered the Corporate Family Rating (CFR) of Momentive Specialty Chemicals Inc. (MSC) to Caa1 from B3. In addition, Moody's lowered the debt ratings of Momentive and its subsidiaries Hexion US Finance Corp. (Hexion) & Borden Chemical Inc.: first lien senior secured notes to B3 from B1, 1.5 lien senior secured notes to Caa2 from Caa1, second lien notes to Caa3 from Caa2, unsecured notes to Ca from Caa2 and lowered its Speculative Grade Liquidity Rating to SGL-3 from SGL-2. These actions reflect the company's high leverage and elevated capital spending on new capacity. The outlook is negative.

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