New York, June 18, 2014 -- Moody's Investors Service assigned a B3 Corporate Family Rating (CFR) to Solenis International, L.P. (Solenis) and assigned B2 ratings to its proposed first lien credit facilities and a Caa1 rating to its proposed second lien term loan. Proceeds from the debt financings, along with approximately $405 million of equity from sponsor Clayton, Dubilier, and Rice, LLC will be used to fund the purchase of the Ashland Water Technologies business (which will be renamed Solenis International LP) from Ashland Inc. for roughly $1.7 billion and to pay transaction fees. The rating outlook is stable.

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