New York, July 12, 2016 -- Moody's Investors Service has withdrawn Eco Services Operations LLC's B2 Corporate Family Rating, B2-PD Probability of Default Rating, and B1 Senior Secured Ratings following the company's merger with PQ Corporation and receipt of final documentation. All ratings for Eco Services were placed on review for downgrade in August 2015. Moody's also lowered the rating on the senior unsecured notes of Eco Services Operations LLC (assumed by PQ) to Caa2 from Caa1, in line with expectations outlined when the transaction was announced, and these notes will remain part of PQ's capital structure. The transaction closed in accordance with the expectations outlined in our press release concerning PQ Corporation published on 14 April 2016, including PQ's assumption and guarantee of Eco Services' unsecured notes on a pari passu basis with PQ's new unsecured notes. All other ratings on PQ Corporation are not affected.

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