S&P: Ashland on watch

Standard & Poor's said it placed its ratings on Ashland Inc., including the BB+ corporate credit rating, on CreditWatch with negative implications following the announcement that Ashland will acquire Hercules Inc. in a transaction valued at $3.3 billion excluding transaction-related costs.

At the same time, the agency said it placed its BB+ corporate credit rating on Hercules and its BB- rating on its $350 million 6.5% junior subordinated deferrable interest debenture due June 20, 2029 on CreditWatch with negative implications.

The agency noted that it affirmed its ratings on Hercules' bank credit facility and $250 million 6.75% senior subordinated notes due Oct. 15, 2029.

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