13 December 2007 22:56 [Source: ICIS news]
HOUSTON (ICIS news)--Standard and Poor’s affirmed its “A-” ratings for Dow Chemical with a stable outlook on Thursday following the announcement of a joint venture with Petrochemical Industries Company (PIC) of Kuwait.
Dow will contribute its polyethylene (PE), ethylenamines, ethanolamines, polypropylene (PP), and polycarbonate assets to the venture and will receive pre-tax proceeds of about $9.5bn (€6.5bn), with expected after-tax proceeds likely to exceed $7bn, Standard and Poor’s said.
"We expect Dow to reinvest most of the proceeds to expand its performance chemicals portfolio and view the announcement as fully consistent with Dow's strategy to improve its position in basic chemicals and derivatives, while continuing to transform the business mix toward its higher growth and differentiated performance products," said Standard & Poor's credit analyst Kyle Loughlin.
Dow shares on the New York Stock Exchange traded in the afternoon at $44.39, up $2.64.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections