27 September 2011 18:49 [Source: ICIS news]
HOUSTON (ICIS)--Moody’s has upgraded its ratings for US-based chemical producer Westlake Chemical to Baa3, from Ba1, the credit watchdog said on Tuesday.
Moody’s said the decision to upgrade ?xml:namespace>
Importantly, Westlake’s “large cash balance” will be sustainable despite a significant increase in its capital spending to build a new chlor-alkali plant and expand ethylene plant capacities over the next several years, Moody’s said.
Nevertheless, Moody's believes that even after completion of these projects,
Moody’s added that it has a positive view on North American-based ethylene production.
Rapid growth of shale gas production with high liquids content and the corresponding expansion of related infrastructure in the US over the next two to three years should
allow US ethane feedstock prices to “remain advantaged”, compared with regions other than the Middle East, it said.
($1 = €0.74)
For more on
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.
|ICIS news FREE TRIAL|
|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|
Asian Chemical Connections