S&P might drop Olin

Standard & Poor's said it placed Olin Corp.’s BB+ corporate credit rating and the issue-level ratings on its senior unsecured debt on CreditWatch with negative implications.

"The CreditWatch placement follows the announcement that Dow plans to separate a significant portion of its chlorine assets and has entered into a definitive agreement to merge this business with Olin in a Reverse Morris Trust transaction," S&P credit analyst Seamus Ryan said in a news release.

"We will resolve the CreditWatch placement based on our view of the company's business and financial risk profiles, including the company's plans for financing the cash portion of the transaction and its plans to reduce leverage following the close of the transaction."

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