S&P: BCP Crystal up to positive, loans rated B+

Standard & Poor's said it assigned its B+ rating and its recovery rating of 3 to $2.8 billion of senior secured credit facilities of BCP Crystal US Holdings Corp., a subsidiary of Celanese Corp. The outlook is revised to positive from negative.

S&P also affirmed its B+ corporate credit ratings on BCP Crystal US Holdings and Celanese AG. In addition, S&P affirmed its B+ corporate credit and senior unsecured debt ratings on Acetex Corp., which

is being acquired by Celanese Corp., and revised the outlook to positive from negative.

The outlook revision reflects the potential that improving earnings, debt reduction and Celanese Corp.'s financial policies would enable debt leverage measures to gradually strengthen to more-than-satisfactory levels within the next few years, according to S&P.

S&P said the ratings incorporate the planned $1 billion initial public offering of Celanese Corp. (parent company of BCP), the $1.6 billion incremental increase in the senior credit facilities, as well as the pending acquisitions of Acetex Corp. for $492 million and an emulsion polymer business for $208 million.

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