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.

To discuss issues facing the chemical industry go to ICIS connect

By: Mark Watts
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index