Moody's ups Dow Chemical

Moody's Investors Service said it raised the senior unsecured ratings of the Dow Chemical Co. to Baa2 from Baa3 as a result of ongoing, albeit slow, debt reductions and solid financial performance despite a weakening macro-economic environment.

Moreover, the upgrade reflects Dow's size, scale and diversity, as well as the ongoing benefit from low cost feedstocks in the U.S., the agency said.

Moody's also raised Dow's commercial paper rating to Prime-2 from Prime-3.

The outlook is stable.

Moody's also raised the ratings on Union Carbide's, Rohm and Haas' and Morton International Inc.'s senior unsecured debt to Baa2 from Baa3 commensurate with the improvement in Dow's long term rating.

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