Research Update: Ashland's $3.65 Billion Proposed Financing, For ISP Acquisition, Rated 'BB'; Most Existing Ratings Remain On Watch Neg Jun 11

Standard & Poors, June 2011

Abstract
Diversified U.S. chemicals manufacturer Ashland plans to acquire International Specialty Products (ISP) for $3.2 billion in cash. Our 'BB+' corporate credit rating and most of our other ratings on Ashland remain on CreditWatch with negative implications pending the completion of the transaction. If the transaction closes as currently structured, we expect to lower the corporate credit rating to 'BB' and assign a stable outlook. We are assigning a 'BB' issue rating and a '3' recovery rating to Ashland's proposed senior secured credit facilities, which it will use to finance part of the transaction. On June 13, 2011, Standard & Poor's Ratings Services assigned its 'BB' senior secured debt rating and a recovery rating of '3' to Ashland's proposed $3.65 billion...

Companies mentioned in this report are: Ashland Inc.,Hercules Inc.
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Ashland Inc.,Hercules Inc.

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