U.S.-based specialty chemical company Ecolab Inc. plans to issue up to $3.5 billion of commercial paper (CP) program to partly fund its purchase of Nalco Holding Co. We lowered our short-term rating on Ecolab to 'A-2' from 'A-1' and assigned our 'A-2' rating to the company's proposed $3.5 billion CP program. We subsequently removed the short-term rating from CreditWatch negative. All other ratings on Ecolab Inc., including our 'A' corporate credit rating, remain on CreditWatch with negative implications. Our ratings on Nalco Co., including our 'BB-' corporate credit rating, remain on CreditWatch with positive implications. NEW YORK (Standard&Poor's) Oct. 14, 2011--Standard&Poor's Ratings Services said today that it has lowered its short-term rating on St. Paul, Minn.-based
