Moody's cuts BCP Caylux, units to negative

Moody's Investors Service said it affirmed the ratings of BCP Caylux Holdings Luxembourg SCA, CNA Holdings Inc. (a subsidiary of Celanese AG) and Crystal US Holdings 3 LLC following the announcement of the acquisition of Acetex Corp. for roughly $525 million. However, Moody's said it changed the ratings outlook for these companies to negative.

Affirmed were Crystal US Holdings 3 LLC's Caa2 rated $513 million senior discount notes due 2014, B1 senior implied rating, Caa2 senior unsecured issuer rating, BCP Caylux's Ba3 rated €313 million guaranteed senior secured revolver due 2009, €187 million guaranteed senior secured credit-linked revolving credit facility due 2009, €500 million guaranteed senior secured term loan B due 2011, B2 rated €350 million guaranteed senior secured term loan C due 2011, B3 rated €1.24 million U.S. dollar and euro-dominated notes due 2014, CNA's B1 senior unsecured rating and Acetex's B2 $265 million guaranteed senior unsecured notes due 2009.

Moody's said these actions reflect the assumptions that BCP will increase the size of its securitized bank and term loan facilities to finance this acquisition and that Acetex's debt may remain outstanding given the current price of the notes, even though BCP will be required to conduct a "Change of Control" tender.

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