Valvoline Inc. has reached an agreement to sell its Global Products business to Aramco for $2.65 billion in cash; assuming the shareholder-friendly transaction closes, Valvoline's business will consist solely of its Retail Services segment. As a result, we placed our 'BB' issuer credit rating, 'BBB-' senior secured bank facility rating, and 'BB-' senior unsecured rating on the company's $535 million 3.625% notes due 2031 on CreditWatch with negative implications. We did not place our 'BB-' senior unsecured rating on the company's $600 million 4.25% notes due 2030 on CreditWatch because Valvoline stated it will use a portion of the sale's net cash proceeds to repay these notes. We expect to resolve the CreditWatch placement closer to the transaction's anticipated closing
