Solvay S.A. -- Moody's downgrades Solvay to Baa2 with stable outlook

London, 21 March 2014 -- Moody's Investors Service has today downgraded Solvay S.A.'s and its guaranteed subsidiaries senior unsecured ratings to Baa2/(P)Baa2 from Baa1/(P)Baa1. Concurrently, the ratings of the bonds issued by Rhodia S.A., a subsidiary of Solvay S.A., were downgraded by one notch to Baa3 from Baa2, and the ratings assigned to the hybrid notes issued by Solvay Finance S.A. were downgraded and assigned definitive Ba1/Ba1 from Baa3/(P)Baa3. Solvay Finance (America) Inc.'s short term P-2 ratings are not affected. The outlook on all ratings was changed to stable from negative.

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