Fitch turns Dow outlook to stable

Fitch Ratings said it changed its outlook for Dow Chemical Co. and Union Carbide Corp. to stable from positive and affirmed their ratings, including the BBB senior unsecured ratings.

“The stable outlook reflects Fitch's expectations that EBITDA leverage will remain in the 1.5x-2.2x range through 2026 as EBITDA recovers slowly due to a more protracted and gradual recovery in certain end-markets, particularly construction. Longer-term, Fitch expects that Dow's investments support its ability to grow mid-cycle EBITDA and further de-lever,” the agency said in a press release.

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