Dow Chemical Company (The) -- Moody's: Divestiture of Chlorine Product businesses is a credit positive for Dow

New York, March 27, 2015 -- Moody's Investors Service stated that Dow's (Baa2, stable) divestiture of its Chlorine Product businesses (containing its North American chlor-alkali, global epoxy, and global chlorinated organics businesses) to Olin Corporation (Ba1, stable) is a credit positive as it will reduce debt and other debt-like liabilities, including the VIE debt of Dow Mitsui Chlor Alkali (DMCA) (pro forma Net Debt/EBITDA of 2.8x, including Moody's adjustments), improve its financial flexibility and allow it to effectively buy-back over $2 billion of its shares. The divestiture of these businesses is consistent with Dow's strategy of focusing on a more narrow market-driven portfolio.

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