Dow Comments on Moody's Ratings Upgrade
MIDLAND, Mich.--(BUSINESS WIRE)-- The Dow Chemical Company (NYS: DOW) announced today that Moody's Investors Service raised the Company's senior unsecured ratings to Baa2 from Baa3, and its commercial paper rating to Prime-2 from Prime-3 with a stable outlook.
"Moody's upgrade today is a clear validation of Dow's portfolio transformation, focus on execution and delivery on our commitment to strengthen our balance sheet," commented Andrew N. Liveris, Dow's chairman and chief executive officer. "This most recent upgrade reflects Dow's solid cash flow and sound capital structure, which we have worked hard to achieve despite the challenging economic environment over the last twelve months. It is also an indication of the long-term benefit of the Company's well-balanced portfolio and cost advantaged feedstock position in the United States, which will drive higher and more consistent profitability going forward. Reducing debt, increasingly rewarding our shareholders, and funding prioritized growth remain our top priorities."
Dow (NYS: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2011, Dow had annual sales of $60 billion and employed approximately 52,000 people worldwide. The Company's more than 5,000 products are manufactured at 197 sites in 36 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
Note: The forward-looking statements contained in this document involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. Accordingly, there is no assurance that the Company's expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
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