Fitch downgrades LyondellBasell credit rating

02 January 2009 14:36  [Source: ICIS news]

LONDON (ICIS news)--Fitch on Friday downgraded its credit rating for LyondellBasell after the chemicals producer announced it was considering filing for bankruptcy protection.

The company’s long-term issuer default rating was dropped to ‘C’ from ‘B-’ and placed on negative watch.

Fitch said the downgrade reflected uncertainties related to the outcome of LyondellBasell’s debt restructuring under the current tight market conditions as well as the mounting pressure on company’s operating performance.  

LyondellBasell has held discussions about entering Chapter 11 bankruptcy protection internally and with banks and outside counsel, a source at the Netherlands-based petrochemicals major told ICIS news earlier in the week.

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By: Mark Watts
+44 20 8652 3214



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