S&P cuts Dow certificates to BBB-

Standard & Poor's said it corrected its rating on CorTS Trust for the Dow Chemical Co. debentures' $32 million class A certificates by lowering it to BBB- from A-.

The rating remains on Creditwatch with negative implications.

According to S&P, the rating on the certificates is dependent on the rating on the underlying security, Dow Chemical Co.'s 7.375% debentures due Nov. 1, 2029, which it lowered to BBB/watch negative from A-/watch negative on Dec. 29, and lowered again to BBB-/watch negative from BBB/watch negative on April 1.

The agency added that it did not take rating action on the certificates contemporaneously with the rating actions on the underlying security due to an administrative error.

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