New York, July 30, 2015 -- Moody's Investors Service placed Cytec Industries Inc. (Cytec) senior unsecured Baa2 and senior unsecured shelf (P)Baa2 ratings on review for possible downgrade. This action follows the announcement that it agreed to be acquired by Solvay S.A. (Solvay; Baa2, outlook Negative) for a total consideration of EUR5.5 billion and valuing Cytec at 14.7x 2015 estimated EBITDA. The transaction has been approved by Solvay's and Cytec's board of directors, while it remains subject to customary regulatory and shareholder approvals. The deal is expected to close by year end 2015.

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