S&P lifts LyondellBasell

Standard & Poor's said it raised the corporate credit rating on LyondellBasell Industries NV to BB- from B+, along with its senior secured debt rating on subsidiary Lyondell Chemical Co.'s first-lien debt to BB+ from BB and maintained the 1 recovery rating.

The 1 rating indicates 90% to 100% recovery in a default.

The agency also said it raised the third-lien secured debt rating to BB-from B and revised the recovery rating to 3 from 5. This indicates 50% to 70% expected recovery in a default.

The ratings were removed from CreditWatch, where they were placed with positive implications in November.

The outlook is positive.

The upgrade reflects the company's better-than-expected earnings and cash flow since emergence from bankruptcy, considerable debt reduction and improved industry fundamentals, S&P said.

The ratings also consider its fair business risk profile and significant financial risk profile, the agency said.

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