New York, September 22, 2015 -- Moody's Investors Service said it affirmed the Ba1 corporate family ratings of Ashland Inc. following the company's announcement that its board of directors, following a comprehensive strategic review, has approved proceeding with a plan to separate the Valvoline lubricant business into an independent publicly traded company in a tax free spin-off to shareholders. The separation is likely to commence some time in fiscal year 2017, as the company works to finalize the transaction structure and obtain customary regulatory and other approvals. The transaction is subject to final board approval. The outklook for the rating is stable.

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