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Moody's Investors Service ("Moody's") assigned Baa1 ratings to the debt of DowDuPont Inc. ("New DuPont"). "Notwithstanding the lack of robust public financials for the New DuPont, we expect the company to generate over $1.5 billion of free cash flow in 2019 on a pro forma basis and upwards of $2 billion thereafter", stated John Rogers, Senior Vice President at Moody's and lead analyst on the New DuPont. Baa2 stable) and Corteva, and is expected to be renamed DuPont Inc. in 2019.
Moody's Investors Service ("Moody's") affirmed the A3 and Prime-2 ratings of E.I. du Pont de Nemours and Company (DuPont) and changed the outlook on the ratings to stable from negative. The action is in response to the company's disclosure of its plan for the balance sheet of DuPont, which is expected to become wholly owned by a new legal entity, Corteva, Inc. On June 1st, 2019, Corteva Inc. (Corteva) is expected to be spun off from DowDuPont, and any existing rated debt of DuPont will become the obligations of Corteva.
Moody's Investors Service ("Moody's") affirmed the Baa2 ratings of The Dow Chemical Company, its Prime-2 rating for commercial paper and its stable outlook. This follows the disclosure that Dow will have roughly $16 billion of balance sheet debt once it is spun-out from DowDuPont, Inc. (Baa1 stable) in April 2019. "While Dow's reduction in balance sheet debt and pension liabilities will be significant, after adjusting for the earnings from businesses transferred to Corteva and the New DuPont, credit metrics will not improve enough to support a higher rating," stated John Rogers, Senior Vice President at Moody's and lead analyst on Dow.
Moody's Investors Service ("Moody's") assigned first-time issuer rating of Baa1 to DowDuPont Inc. ("New DuPont"). DowDuPont Inc. is expected to be renamed DuPont Inc. in 2019. Assets and businesses that will become the New DuPont are expected to be transferred from Dow and the current DuPont operations prior to their spin-outs.
HORSHAM, Pa. (AP) — Lauren Woeher wonders if her 16-month-old daughter has been harmed by tap water contaminated with toxic industrial compounds used in products like nonstick cookware, carpets, firefighting foam and fast-food wrappers. Henry Betz, at 76, rattles around his house alone at night, thinking about the water his family unknowingly drank for years that was tainted by the same contaminants, and the pancreatic cancers that killed wife Betty Jean and two others in his household.
In a report out today, Moody's Investors Service says there is a heightened level of litigation risk to both The Chemours Company, (Ba2, Stable) and E.I. du Pont de Nemours and Company (A3, negative outlook) ...
WILMINGTON, Del. , Feb. 15, 2018 /PRNewswire/ -- On Feb 15, 2018 , DuPont's board of directors declared regular quarterly dividends of $1.12 -1/2 per share on the $4.50 series preferred stock and $0.87 ...