Eco Services Operations LLC -- Moody's reviews Eco Services' ratings for downgrade

New York, August 19, 2015 -- Moody's Investors Service has placed all ratings for Eco Services Operations LLC ("Eco Services") on review for possible downgrade following PQ Corporation's ("PQ") announcement that it intends to merge with Eco Services in an equity-for-equity transaction expected to close in the fourth quarter of 2015. Affiliates of the private equity firm CCMP Capital Advisors ("CCMP") own large equity stakes in both companies and will be the largest shareholder of the combined entity. PQ has stated that this transaction will not trigger the "change of control" clause in Eco Services' notes, so they are likely to remain outstanding at the close of the merger. However, this transaction will trigger the "change of control" clause in PQ's debt.

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