S&P cuts Akzo short-term, puts on review

S&P said it placed the A- long-term corporate credit rating on Akzo Nobel NV on CreditWatch with negative implications.

At the same time, the agency lowered the short-term corporate credit rating on Akzo to A-2 from A-1, reflecting the recently updated criteria mapping long-term and short-term ratings.

S&P also placed the issue ratings on Akzo's revolving credit facility, euro medium-term note program and senior unsecured debt on CreditWatch negative.

S&P said the actions reflect the uncertainty around the policy choices currently available to Akzo regarding future ownership, leverage, and strategic direction. These will depend on whether the company is acquired by PPG or remains independent.

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