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Fitch rates Dow notes BBB+
Fitch Ratings said it assigned a BBB+ to Dow Chemical Co.'s proposed issuance of senior unsecured notes.
The proceeds will be used to repay existing debt at Dow and for general corporate purposes, Fitch said.
The outlook is stable.
Dow Holdings Inc. will be the holding company for Dow, which is expected to be spun off from DowDuPont Inc. in April 2019, the agency explained.
Dow Holdings benefits from its significant scale and diversification, relatively high margins, consistently strong cash flow generation and low cost position, Fitch said.
The agency said it believes the company's total debt-to-EBITDA ratio to be less than 2x throughout the post-spin forecast.
The new company will remain the largest North American chemical company with patent-advantaged products representing a material portion of revenues, Fitch said, and leading market positions in many commodity and specialty chemicals segments.
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