03 May 2010 23:37 [Source: ICIS news]
HOUSTON (ICIS news)--Standard & Poor's Ratings Services (S&P) gave LyondellBasell Industries a speculative rating of B+, the firm said on Monday.
Under S&P's ratings system, anything below BBB- is considered speculative grade. This level could make it more expensive for LyondellBasell to borrow money.
S&P issued the rating after LyondellBasell emerged from Chapter 11 bankruptcy protection.
LyondellBasell's rating reflects the company's highly leveraged financial structure, S&P said.
The firm gave LyondellBasell a stable outlook, due to the company's lower debt and adequate liquidity, S&P said.
S&P also rated LyondellBasell's various notes.
It assigned a BB rating to the company's $500m (€375m) six-year term loan, its $2.25bn senior secured notes due in 2017 and €375m senior secured notes due in 2017.
S&P assigned a B rating to the company's $3.245bn third-lien notes due in 2018.
($1 = €0.75)
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