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S&P Downgrades Short Term Rating But Keeps Long Term Credit Rating Unchanged

Posted on: Friday, 6 March 2009, 11:45 CST

MIDLAND, Mich., March 6 /PRNewswire-FirstCall/ -- In relation to the Standard & Poor's (S&P) Rating Service announcement of today, The Dow Chemical Company (NYSE: DOW) is encouraged that our ongoing discussions with the rating agencies generally, and S&P specifically, have resulted in no change to Dow's long term corporate credit rating. Dow has been and continues to be in a constructive dialogue with the rating agencies in communicating recent indications of potentially positive trends in its operating environment. Dow, as a global company with a diverse business mix has considerable options to address the very challenging business climate.

As acknowledged in a joint statement issued with Rohm and Haas today, Dow and Rohm and Haas confirmed that they are in discussions relating to the merger of their companies and the pending litigation. At this time, the companies cannot predict the outcome of these discussions.

Dow maintains its complete focus on its financial flexibility and maintaining its investment grade credit rating. If these goals cannot be accomplished, Dow intends to proceed with the trial which is scheduled to begin in Delaware Chancery Court on Monday, March, 9th.

About Dow

With annual sales of $58 billion and 46,000 employees worldwide, Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in around 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.

Note: The forward-looking statements contained in this document involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. Accordingly, there is no assurance that the Company's expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

(R)(TM) Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow

SOURCE The Dow Chemical Company

Source: PR Newswire

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