New York, October 19, 2015 -- Moody's Investors Service has today affirmed the Ba1 corporate family rating (CFR) and Ba1-PD probability of default rating (PDR) of Olin Corporation (Olin), the ultimate holding company of the subsidiary guarantors to the group's senior credit facilities and senior unsecured debt obligations. Concurrently, Moody's has affirmed the Ba1 rating to Blue Cube Spinco Incorporated's (Spinco) $1.22 billion senior unsecured notes (new notes) which are guaranteed by Olin on a senior unsecured basis. The new notes are comprised of a $720 million and a $500 million senior unsecured issue, due in 2023 and 2025 respectively. Moody's understands that the proceeds from the new notes are being used to finance the completed combination of Olin and the Dow Chemical Company's (Dow, Baa2 stable) chlor-alkali business known as Dow Chlorine Products (DCP, unrated). Moody's has also assigned a Speculative Grade Liquidity (SGL) rating of SGL-2 to Olin, indicating that Moody's believes Olin's liquidity profile, or ability to meet its short-term (next 12-18 months) cash obligations, is good. The rating outlook remains stable.

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