S&P cuts Lyondell

Standard & Poor's said it downgraded Lyondell Chemical Co.'s $100 million notes due 2010 and the $225 million notes due 2020 to B from BB, one notch lower than the corporate credit rating on the company's parent LyondellBasell Industries AF SCA (formerly Basell AF SCA B+/stable).

S&P lowered subsidiary Equistar Chemicals LP's $150 million senior notes due 2026 B+ from BB.

The downgrades follow a review of the security structure with the benefit of final documentation, the agency said.

Ratings consider material uncertainty regarding the outcome of a potential insolvency process, resulting from the intricacies and complexities of the security structure, the agency said.

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