Standard & Poor's Downgrades Dow Chemical's (DOW) Credit Rating to 'BBB'
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Yesterday evening, Standard & Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on Dow Chemical Co. (NYSE: DOW) to 'BBB' from 'A-'. The long-term ratings on Dow Chemical and the 'A-2' commercial paper rating remain on CreditWatch with negative implications.
Standard & Poor's revised the CreditWatch implications on the 'BBB' long-term ratings of Rohm and Haas Co. (NYSE: ROH) to negative from developing. Rohm and Haas' 'A-2' short-term ratings remain on CreditWatch with negative implications.
The rating action follows yesterday's news that Dow's K-Dow joint venture was terminated. Standard & Poor's said, "This decision was unexpected given Dow's recent confidence that it would close the transaction, and is a significant development from both a strategic and financial profile standpoint."
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