07 January 2009 19:27 [Source: ICIS news]
TORONTO (ICIS news)--Moody’s has once again downgraded LyondellBasell and expects to soon withdraw its ratings for the international petrochemicals major, the credit watchdog said on Wednesday.
Moody’s latest downgrade comes after LyondellBasell’s US subsidiaries and one of its non-Dutch holding companies in Europe filed for reorganisation under US bankruptcy laws, it said.
Moody’s downgraded LyondellBasell Industries AF SCA's corporate family rating to Ca from Caa2 and also downgraded ratings on the company’s debt instruments.
The ratings agency noted the uncertainty over planned debt restructuring and the implementation of management plans to turn the company around.
“In the absence of additional information, Moody's expects to withdraw the ratings shortly,” it added.
Moody’s latest action follows its downgrade from 30 December when LyondellBasell was reported to be in default on some of its loan payments.
Meanwhile, industry sources said the bankruptcy filing so far had not changed the day-to-day operations at LyondellBasell.
The company is described as the world's largest independent producer of polypropylene and advanced polyolefins products, a leading supplier of polyethylene, and a global leader in the development and licensing of polypropylene and polyethylene processes and related catalyst sales.
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