S&P downgrades Solvay to BBB-/A-3

Standard & Poor's said it lowered its long- and short-term corporate credit ratings on Solvay SA to BBB-/A-3 from BBB+/A-2.

The agency also lowered its issue ratings on the company's debt by two notches.

The outlook is stable.

The ratings were removed from CreditWatch negative, where they were placed on July 29, 2015.

S&P said the downgrade follows Solvay's announcement that its merger with Cytec Industries Inc. has received regulatory approval and that it has successfully procured financing in form of a €1 billion hybrid bond, to which the agency assigned intermediate equity credit; the equivalent of €3.7 billion of senior unsecured bonds; and a €1.5 billion equity increase to be closed by Dec. 21.

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