U.S.-based Ecolab Inc. is issuing $500 million in unsecured notes. We are assigning our 'BBB+' rating to the new issue. Our existing ratings on Ecolab, including the 'BBB+' corporate credit rating, remain unchanged. The stable outlook indicates our expectation that the company will maintain credit quality following the recent acquisition of Nalco Holding Co. despite prospects for slow economic growth. On Aug. 6, 2012, Standard&Poor's Ratings Services assigned its 'BBB+' rating to Ecolab Inc.'s proposed $500 million of unsecured notes due 2015. Our ratings on Ecolab, including the 'BBB+' corporate credit rating, remain unchanged. The outlook is stable. Our ratings on Ecolab Inc. reflect the company's excellent business risk profile as a global leader in a service-oriented specialty
