Moody's assigns Eastman Chemical notes Baa2

Moody's Investors Service said it assigned a Baa2 ratings to Eastman Chemical Co.'s new five- and 10-year senior unsecured notes.

Proceeds from these notes will be used to fund the cash tender offer for its existing debt, the agency added.

The outlook is stable.

"Like many companies, Eastman is taking advantage of the low rate environment for investment grade debt to meaningfully reduce their interest costs," stated John Rogers, senior vice president at Moody's.

Eastman's Baa2 ratings are supported by a relatively diverse product portfolio, solid performance from its four remaining business segments, very strong liquidity, proprietary process technologies and a moderate amount of balance sheet debt, the agency added.

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