Fitch drops Basell, Lyondell

Fitch Ratings said it downgraded Basell AF SCA's and Lyondell Chemical Co.'s long-term issuer default ratings to B+ from BB- and removed them from rating watch negative, where they were originally placed on July 17.

The agency added that stable outlooks are assigned to the long-term issuer default ratings while Basell's short-term issuer default rating is also affirmed at B.

Fitch said it has also downgraded Basell's senior notes and Millenium America Inc's senior notes to B-/RR6 from B+ and BB/RR2, respectively, as well as assigned a B/RR5rating to Lyondell Basell Finance Co's bridge facility.

Fitch added that its ratings actions follow substantial re-leveraging to facilitate the fully debt-funded merger of chemical companies Basell and Lyondell.

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