Fitch Rates Dow Chemical's $800MM Sr. Note Issuance 'A-'; Outlook Stable

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned an 'A-' rating to Dow Chemical Company's (NYSE: DOW) proposed issuance of $800 million senior unsecured notes. The proceeds will be used primarily for refinancing and general corporate purposes. Fitch rates Dow as follows:

--Issuer Default Rating (IDR) 'A-';

--Senior unsecured revolving credit facility 'A-';

--Senior unsecured debt 'A-';

--Short-term IDR 'F2';

--Commercial Paper 'F2'.

The Rating Outlook is Stable.

The ratings are supported by Dow's size, leading market positions, vertical integration, geographical and product diversity, liquidity and prudent management team. The company's large size is a significant positive factor for the rating. Dow's debt/EBITDA is approximately 1.6 times (x). Its diversification and geographical reach provides for greater financial flexibility in terms of mitigating changes in market fundamentals such as slower economic growth in the U.S. or weaker demand in specific end-markets.

Dow is the largest chemical company in North America, with leading market share in a number of commodity chemical segments. Chemical operations are highly integrated, resulting in cost advantages across the business cycle. Business segments are hydrocarbons and energy, basic chemicals, basic plastics, performance plastics, performance chemicals, and an expanding presence in agricultural products.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.