Moody's ups Lucite ratings

Moody's Investors Service said it upgraded the senior implied rating of Lucite International Ltd. to Ba3 from B1 and the senior unsecured rating to B2 from B3. Moody's upgraded the €250 million in 10.25% senior notes of Lucite International Finance plc (UK) to B2 from B3.

The outlook is stable.

Moody's said the rating action reflects i) Lucite's strong operating and financial performance over the last 18 months; ii) the favorable outlook for Methyl Methacrylate and its downstream applications with limited additional capacity in the next 18 months; iii) the group's prudent financial management as demonstrated by the conservative funding of its 100 kte MMA plant in China; iv) the opportunities that could arise from the commissioning of a new MMA plant through the Alpha process, a cheaper and less hazardous manufacturing process and v) the expectation that Lucite will not make any material dividend payments or recapitalize the business.

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