U.S.-based specialty chemical company Ecolab Inc. announced that it has entered into a definitive merger agreement to acquire Nalco Holding Co., the holding company and parent of Nalco Co. in a transaction valued at about $8.1 billion, including assumed debt net of cash. We are placing all our ratings on Ecolab, including our 'A' corporate credit rating, on CreditWatch with negative implications. We are placing all our ratings on Nalco Co., including our 'BB-' corporate credit rating, on CreditWatch with positive implications. We expect to resolve the CreditWatch listings within the next few months after reviewing the proposed transaction. On July 20, 2011, Standard&Poor's Ratings Services placed its ratings on Ecolab Inc., including its 'A' corporate credit rating,
