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Examples
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Andrew Liveris announced measures Dow would use to cover the $9 billion cash hole left by a collapsed joint venture, dubbed "K-Dow," between the chemicals conglomerate and Kuwait's Petrochemical Industrials Co.Mr. Liveris's plan included finding new joint-venture partners and selling unnamed Dow Chemical assets.
Ratings could sink 2009
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The two reacted to the end of the lucrative, $17.4 billion K-Dow agreement by cutting Dow Chemical's robust investment-grade rating to nearly junk levels.
Dow Chemical 2009
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If the Rohm & Haas deal proceeds in some timeframe in the next several months and we have the bridge loan and we have the converted preferreds, what I'm saying is minimalistic asset divestments, a K-Dow alternative in the second half of the year, plus all the cash interventions will mean we can stay investment grade.
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The two reacted to the end of the $17.4 billion K-Dow agreement by cutting Dow Chemical's robust investment-grade rating to nearly junk levels.
Ratings could sink 2009
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Andrew Liveris announced a slew of measures Dow would use to cover the $9 billion cash hole left by a collapsed joint venture, dubbed "K-Dow," between the chemicals conglomerate and Kuwait's Petrochemical Industrials Co.Mr. Liveris's plan included finding new joint-venture partners and selling unnamed Dow Chemical assets, which could partly help the company afford the Rohm & Haas deal.
Dow Chemical 2009
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We didn't put them in the release because we don't want to flag what they are, but we do have other commodity assets that are also desired by others, that are consistent with our strategy that we divest, that will yield us several billions of dollars on top of the replacement to K-Dow.
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$15 Billion in Revenue Under the revised deal, K-Dow will also include two existing joint ventures between Dow and Kuwait Petroleum's subsidiary Petrochemical Industries Co.
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The added twist is that Kuwait has backed out of the separate "K-Dow" petrochemicals joint venture.
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Moreover, Kuwait could owe as much as $2.5 billion in penalty payments for walking out on K-Dow.
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The joint venture, which will be called K-Dow Petrochemicals, will begin operations by the start of 2009.
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