S&P: Ashland unaffected

Standard & Poor's said that Ashland Inc.'s (BBB-/negative/A-3) announcement that it is exploring the spin-off or sale of Ashland Paving and Construction Inc. (APAC) does not affect its ratings or outlook.

Ashland has entered into an exclusive negotiating period with Oldcastle Materials Inc. regarding the possible sale of APAC, which is involved in the paving and resurfacing of highways and the production of construction materials, the agency noted.

Volatile energy prices, work disruptions caused by weather and highly competitive markets contribute to difficult operating conditions at APAC, where operating margins and earnings are low, S&P added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.