NEW YORK (S&P Global Ratings) Sept. 27, 2016--S&P Global Ratings said today that its ratings on St. Paul, Minn.-based Ecolab Inc., including the 'A-' corporate credit rating, are not affected by the company's announcement that it will upsize its euro commercial paper tranche to $2 billion euro equivalent from $200 million euro equivalent. We maintain our 'A-2' rating on the company's $2 billion commercial paper program, which has a U.S. dollar and a euro tranche, and we expect that the total borrowed under both tranches at any given time will not exceed the equivalent of $2 billion. Our 'A-' corporate credit rating and stable outlook on Ecolab are not affected by the transaction, since we expect it to be leverage-neutral.
