S&P assigns Dow notes BBB-

Standard & Poor's said it assigned its BBB- issue rating to Dow Chemical Co.'s proposed senior unsecured notes due 2012 and 2015, to be issued from an existing shelf registration.

The company will use net proceeds from the notes offering to repay existing debt and to reduce a portion of the term bridge loan related to the Rohm and Haas Co. acquisition, the agency added.

At the same time, the agency said it affirmed all of its ratings, including the BBB- corporate credit rating, on Dow Chemical and its affiliates, Rohm and Haas and Union Carbide Corp.

"Following the close of the $19 billion acquisition of Rohm and Haas on April 1, 2009, the agency said it expects that management will remain focused on the integration, including realizing the $1.3 billion of targeted synergies from the combination, and on improving the capital structure through the monetization of less strategic businesses," said S&P credit analyst Kyle Loughlin.

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