LyondellBasell gets speculative rating from US S&P

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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By: Al Greenwood
+1 713 525 2645

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