U.S.-based diversified chemical producer Eastman Chemical Co. plans to issue approximately $2.3 billion of senior unsecured notes to partly finance its planned acquisition of U.S.-based specialty chemical maker Solutia Inc. We are assigning a 'BBB' to the new notes. All our other ratings on Eastman, including the 'BBB' corporate credit rating, remain unchanged. The stable outlook reflects our belief in Eastman's ability and intent to strengthen its financial profile to levels appropriate for the ratings within two years. On May 29, 2012, Standard&Poor's Ratings Services assigned its 'BBB' senior unsecured debt rating to Eastman Chemical Co.'s proposed offering of approximately $2.3 billion of senior unsecured notes with five-, 10-, and 30-year maturities. The company plans to use the
