UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          Washington, D. C. 20549

                               --------------

                                  FORM 8-K

                               --------------

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

      Date of report (Date of earliest event reported): April 9, 2007


                                ASHLAND INC.
           (Exact name of registrant as specified in its charter)


                                  Kentucky
               (State or other jurisdiction of incorporation)


        1-32532                                       20-0865835
(Commission File Number)               (I.R.S. Employer Identification No.)

           50 E. RiverCenter Boulevard, Covington, Kentucky 41011
            (Address of principal executive offices) (Zip Code)

                  P.O. Box 391, Covington, Kentucky 41012-0391
                          (Mailing Address) (Zip Code)

     Registrant's telephone number, including area code (859) 815-3333

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[ ]    Written communications pursuant to Rule 425 under the Securities Act
       (17 CFR 230.425)

[ ]    Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act
       (17 CFR 240.14a-12)

[ ]    Pre-commencement  communications pursuant to Rule 14d-2(b) under the
       Exchange Act (17 CFR 240.14d-2(b))

[ ]    Pre-commencement  communications pursuant to Rule 13e-4(c) under the
       Exchange Act (17 CFR 240.13e-4(c))


                                    -1-
<PAGE>


Item 1.01.  Entry into a Material Definitive Agreement
----------

     On April 9, 2007, Ashland Inc. ("Ashland"),  as Borrower, entered into
a five year, $300 Million Credit  Agreement (the "Credit  Agreement")  with
The Bank of Nova Scotia as Administrative  Agent; Bank of America,  N.A. as
Syndication  Agent;  SunTrust  Bank,  Inc., JP Morgan Chase Bank,  N.A. and
Citibank, N.A. as Co-Documentation Agents; The Bank of Nova Scotia and Banc
of America Securities LLC as Joint Lead Arrangers;  The Bank of Nova Scotia
as Book  Manager;  and the  Lenders  as that term is  defined in the Credit
Agreement  attached  hereto  as  Exhibit  10.1  and  incorporated  by  this
reference  herein.  The Lenders have  committed to make loans to Ashland to
the extent of each Lender's individual commitment under the terms set forth
in the Credit Agreement, up to a total amount of $300 million. At Ashland's
request,  and with the  consent  of one or more of the  Lenders,  the total
amount  available  under the Credit  Agreement  can be  expanded up to $400
million.  The Credit Agreement will be used by Ashland to refinance certain
obligations and for other general corporate purposes.


Item 1.02.  Termination of a Material Definitive Agreement
----------

     On April 9, 2007,  coincident  with  entry  into the Credit  Agreement
described in Item 1.01, the $350 Million 5-Year  Revolving Credit Agreement
dated as of March 21, 2005,  among  Ashland as  Borrower;  The Bank of Nova
Scotia,  as Sole  Lead  Arranger,  Sole  and  Exclusive  Book  Manager  and
Administrative  Agent;  SunTrust  Bank and JP Morgan  Chase  Bank  N.A.  as
Co-Syndication Agents; The Royal Bank of Scotland PLC and Citibank, N.A. as
Co-Documentation  Agents;  and the additional  Lenders under that agreement
was terminated.

                                    -2-
<PAGE>

Item 9.01.  Financial Statements and Exhibits
----------

   (d)      Exhibits

  10.1      $300 Million Credit Agreement dated as of April 9, 2007.



                                    -3-
<PAGE>


                                 SIGNATURES
                                 ----------

     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.


                                                ASHLAND INC.
                                -------------------------------------------
                                                (Registrant)


Date:  April 11, 2007             /s/ J. Marvin Quin
                                -------------------------------------------
                                Name:   J. Marvin Quin
                                Title:  Senior Vice President
                                        and Chief Financial Officer


                                    -4-

<PAGE>


                               EXHIBIT INDEX
                               -------------


10.1    $300 Million Credit Agreement dated as of April 9, 2007.


                                    -5-
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{"company-data": {"conformed-name": "ASHLAND INC.", "cik": "0001305014", "assigned-sic": "5160", "irs-number": "200865835", "state-of-incorporation": "KY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32532", "film-number": "07760888"}, "business-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012", "phone": "859-815-3483"}, "mail-address": {"street1": "50 EAST RIVERCENTER BLVD., 16TH FLOOR", "city": "COVINGTON", "state": "KY", "zip": "41012"}, "former-company": {"former-conformed-name": "New EXM Inc.", "date-changed": "20041004"}}
UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          Washington, D. C. 20549

                               --------------

                                  FORM 8-K

                               --------------

                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                    the Securities Exchange Act of 1934

      Date of report (Date of earliest event reported): April 9, 2007

                                ASHLAND INC.
           (Exact name of registrant as specified in its charter)

                                  Kentucky
               (State or other jurisdiction of incorporation)

        1-32532                                       20-0865835
(Commission File Number)               (I.R.S. Employer Identification No.)

           50 E. RiverCenter Boulevard, Covington, Kentucky 41011
            (Address of principal executive offices) (Zip Code)

                  P.O. Box 391, Covington, Kentucky 41012-0391
                          (Mailing Address) (Zip Code)

     Registrant's telephone number, including area code (859) 815-3333

Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:

[ ]    Written communications pursuant to Rule 425 under the Securities Act
       (17 CFR 230.425)

[ ]    Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act
       (17 CFR 240.14a-12)

[ ]    Pre-commencement  communications pursuant to Rule 14d-2(b) under the
       Exchange Act (17 CFR 240.14d-2(b))

[ ]    Pre-commencement  communications pursuant to Rule 13e-4(c) under the
       Exchange Act (17 CFR 240.13e-4(c))

                                    -1-
Item 1.01.  Entry into a Material Definitive Agreement
----------

     On April 9, 2007, Ashland Inc. ("Ashland"),  as Borrower, entered into
a five year, $300 Million Credit  Agreement (the "Credit  Agreement")  with
The Bank of Nova Scotia as Administrative  Agent; Bank of America,  N.A. as
Syndication  Agent;  SunTrust  Bank,  Inc., JP Morgan Chase Bank,  N.A. and
Citibank, N.A. as Co-Documentation Agents; The Bank of Nova Scotia and Banc
of America Securities LLC as Joint Lead Arrangers;  The Bank of Nova Scotia
as Book  Manager;  and the  Lenders  as that term is  defined in the Credit
Agreement  attached  hereto  as  Exhibit  10.1  and  incorporated  by  this
reference  herein.  The Lenders have  committed to make loans to Ashland to
the extent of each Lender's individual commitment under the terms set forth
in the Credit Agreement, up to a total amount of $300 million. At Ashland's
request,  and with the  consent  of one or more of the  Lenders,  the total
amount  available  under the Credit  Agreement  can be  expanded up to $400
million.  The Credit Agreement will be used by Ashland to refinance certain
obligations and for other general corporate purposes.

Item 1.02.  Termination of a Material Definitive Agreement
----------

     On April 9, 2007,  coincident  with  entry  into the Credit  Agreement
described in Item 1.01, the $350 Million 5-Year  Revolving Credit Agreement
dated as of March 21, 2005,  among  Ashland as  Borrower;  The Bank of Nova
Scotia,  as Sole  Lead  Arranger,  Sole  and  Exclusive  Book  Manager  and
Administrative  Agent;  SunTrust  Bank and JP Morgan  Chase  Bank  N.A.  as
Co-Syndication Agents; The Royal Bank of Scotland PLC and Citibank, N.A. as
Co-Documentation  Agents;  and the additional  Lenders under that agreement
was terminated.

                                    -2-
Item 9.01.  Financial Statements and Exhibits
----------

   (d)      Exhibits

  10.1      $300 Million Credit Agreement dated as of April 9, 2007.

                                    -3-
SIGNATURES
                                 ----------

     Pursuant to the  requirements of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                                ASHLAND INC.
                                -------------------------------------------
                                                (Registrant)

Date:  April 11, 2007             /s/ J. Marvin Quin
                                -------------------------------------------
                                Name:   J. Marvin Quin
                                Title:  Senior Vice President
                                        and Chief Financial Officer

                                    -4-
EXHIBIT INDEX
                               -------------

10.1    $300 Million Credit Agreement dated as of April 9, 2007.

                                    -5-