...- Valvoline Inc. reached an agreement to sell its Global Products business to Aramco for $2.65 billion in cash. Upon closing, Valvoline's business will consist solely of its Retail Services segment. - The company expects the transaction to close in the first quarter of calendar 2023, and we estimate pro forma leverage, net of planned debt repayment and share repurchases, in the mid-3x area. - We affirmed our '##' issuer credit rating on Valvoline and removed all ratings from CreditWatch, where they were placed with negative implications on Aug. 2, 2022. - We will withdraw our issue-level rating on the company's senior secured bank facility upon transaction close and do not anticipate rating the amended and extended bank facility. - At the same time, we lowered our issue-level ratings on the company's existing senior unsecured notes to 'B+' from '##-' and revised the recovery rating to '6' from '5'. The '6' recovery rating indicates our expectation for negligible (0%-10%, rounded estimate:...
