New York, April 17, 2014 -- Moody's Investors Service has today said that it views as credit negative Chemtura Corporation's (Chemtura, Ba3 stable) recently announced agreement to sell its agrochemicals business, Chemtura AgroSolutions, to Platform Specialty Products Corporation (Platform, B1 stable) for approximately $1 billion, or $950 million in cash and 2 million shares of Platform's common stock. Moody's views this asset sale as credit negative for Chemtura. This is because of the near-term loss in diversity and profitability that AgroSolutions brought to Chemtura's portfolio, along with uncertainty around the level of proceeds that will be used for acquisitions or debt reduction versus shareholder remuneration. However, Chemtura's ratings are unaffected by this recent announcement as Moody's believes that, pro forma for the asset sale and even under a downside scenario, Chemtura's credit profile will still support a Ba3 rating.

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