Moody's Downgrades Dow Chemical (DOW) Credit Rating to Baa1
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Moody's Investors Service lowered the senior unsecured ratings of The Dow Chemical Company (NYSE: DOW) to Baa1 from A3, following the termination of the K-Dow joint venture.
Moody's said the cancellation of this transaction, which would have provided $9 billion in cash to fund Dow's pending $15.4 billion acquisition of Rohm and Haas Company (NYSE: ROH), substantially increases the likelihood that Dow's credit profile will be weakened in any reasonable scenario.
John Rogers, senior Vice-President at Moody's said, "Based upon management's prior public statements, Dow will likely take actions, including additional asset sales or issuance of convertible debt, to improve its credit profile and in an attempt to maintain an investment grade rating. However, given the current operating and financial environment, Moody's would incorporate the risk of uncertainty in any actions that were to be completed after the acquisition of Rohm and Haas."
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