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Moody's Considers BASF Downgrade After Cognis Deal
3:48 PM MDT | June 23, 2010 | Vincent Valk
Moody's Investors Service (New York), the credit ratings agency, is reviewing BASF's investment-grade credit rating for a possible one-notch downgrade on account of the possible 3.1 billion euro acquisition of Cognis. BASF is currently rated A1 by Moody's, meaning a one-notch downgrade to A2 would not endanger the company's investment-grade status. The Cognis deal, which was announced earlier today, is "supportive of [BASF]'s strong business profile," Moody's says. Acquisitions often prompt reviews of credit ratings and downgrades. Moody's last ratings...
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