Moody’s Downgrades Dow

Moody’s announced today that it has downgraded Dow’s senior unsecured credit rating to Baa3 from Baa1. The action came as a result of Dow’s acquisition of Rohm and Haas, which closed on April 1. The ratings service has also downgraded some of Rohm and Haas’ senior unsecured debt maturing in 2013, 2017 and 9.8% notes maturing in 2020 to Baa3 from Baa1. The remainder of Rohm and Haas’ debt was lowered to Ba1 from Baa1, as Dow has not guaranteed that debt. The outlook for Dow is negative Dow’s downgrade “reflects the...

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