Versum Materials, Inc. -- Moody's assigns first-time ratings to Versum Materials, Inc.; Ba2 CFR

New York, September 09, 2016 -- Moody's Investors Service has assigned first-time ratings to Versum Materials, Inc. ("Versum"), including a Ba2 Corporate Family Rating ("CFR"). Versum is currently a wholly-owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"),but is expected to be spun off as a standalone entity by the end of the third quarter of 2016. Moody's assigned Ba1 ratings to Versum's proposed $775 million senior secured credit facilities, including an undrawn $200 million revolving credit facility and $575 million term loan, and a Ba3 rating to the proposed $425 million senior unsecured notes. Proceeds from the transaction will be used to fund a $550 million dividend to Air Products, fund a debt-for-debt exchange of $425 million, and pay transaction-related fees and expenses. Moody's also assigned a Speculative Grade Liquidity Rating ("SGL") of SGL-2, indicating good liquidity to support operations in the near-term. The rating outlook is stable.

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