New York, November 19, 2015 -- Moody's Investors Service placed Airgas's Baa2 rating on its senior unsecured notes and Baa2 issuer rating on review for upgrade. This action follows the announcement that it agreed to be acquired by Air Liquide (Prime-1) for a total consideration of EUR12.5 billion and to be financed with a mix of debt and new equity. The transaction has been unanimously approved by each of Airgas' and Air Liquide's boards of directors, but is still subject to Airgas shareholders' approval, receipt of necessary antitrust and other regulatory approvals and customary conditions and provisions. The two companies said they wish to proceed swiftly to close the transaction. Airgas's Prime-2 rating is affirmed at this time but is expected to be withdrawn upon closing of the transaction.

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