07 December 2001 22:48 [Source: ICIS news]
HOUSTON (CNI)--Standard & Poor's (S&P) affirmed a single-A rating Friday for Dow Chemical's proposed offering of $500m (Euro562m) in senior unsecured notes due 2008 and dubbed the outlook as stable, citing the prospects for savings from further integration of Union Carbide.
The New York City-based credit rating service said: "The complementary nature of many of the companies' businesses should enable Dow Chemical to attain meaningful cost reductions and operational synergies, increasing the prospects for sustaining above average profitability measures in an increasingly competitive global chemical industry."
Shares of the Midland, Michigan-based company closed the week on the New York Stock Exchange at a price of $37.21 - just below the 52-week high of $39.67 and above the low of $25.06.
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