S&P may up Lyondell Chemical, units

Standard & Poor's said it placed its ratings, including the B+ corporate credit ratings, on Lyondell Chemical Co. and its 100% owned affiliates, Equistar Chemicals LP and Millennium Chemicals Inc., on CreditWatch with positive implications.

The CreditWatch listing follows Lyondell's announcement of favorable fourth quarter and full year 2004 operating results and strong indications that debt reduction remains a key management priority.

S&P said the CreditWatch placement reflects the increasing likelihood that the recovery in the chemicals cycle, together with Lyondell's commitment to restore credit quality, will support improvement to the overall financial profile. Lyondell has begun to follow through on its plans to improve the capital structure, reducing total debt by $500 million during the past year.

S&P rates Lyondell Chemical Co.'s corporate credit and senior secured debt at B+ and subordinated debt at B-; Equistar Chemicals LP's corporate credit and senior unsecured debt at B+ and senior secured bank loan at BB-; Millennium Chemicals Inc.'s corporate credit and senior unsecured notes at B+; and Millennium America Inc.'s senior secured bank loan at BB- and senior unsecured notes at B+.

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