COVINGTON, Ky. (AP) — Standard & Poor’s has announced that Covington-based Ashland Inc. has dropped out of the S&P 500 Index of the biggest companies.

The Courier-Journal reports that Ashland will be in Standard & Poor’s mid-cap index, replacing Lear Corp. in the S&P MidCap 400. Standard & Poor’s announced after the market closed Monday that Wynn Resorts will replace Ashland.

Lear’s market value is the lowest of the S&P MidCap 400 stocks.

Standard & Poor’s says Ashland’s stock has fallen nearly 60 percent this year and its acquisition of Hercules leaves it with a market value appropriate for the S&P MidCap 400.