Valvoline Finco Two LLC -- Moody's rates Valvoline Ba2

New York, July 12, 2016 -- Moody's Investors Service, ("Moody's") assigned a Ba2 Corporate Family Rating (CFR) to Valvoline Finco Two LLC, (Finco Two), a newly created wholly owned subsidiary of Ashland Inc. that will later be merged into Valvoline Inc. and separated into an independent, free-standing company consisting of the Valvoline-related businesses. The IPO to effect partial separation is expected to occur in the Fall of 2016. Moody's also assigned a Ba3 rating to the new $375 million unsecured bonds to be issued by Finco Two. The bonds are guaranteed by Ashland Inc., but the guarantee will automatically be released following Ashland's transfer of the Valvoline business to Valvoline Inc. (the "Contribution") and the assumption by Valvoline Inc. of Finco Two's obligations under the bonds. The outlook on the ratings is stable.

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