Moody's may lower Lyondell, Equistar, Millennium

Moody's Investors Service said it placed the ratings of Lyondell Chemical Co., Equistar Chemical Co. LP and Millennium Chemical Co. (corporate family ratings of Ba3) under review for possible downgrade following Lyondell's announcement that it and Citgo Petroleum Corp. have discontinued the exploration of the sale of Lyondell-Citgo Refining LP joint venture to a third party.

Further, Lyondell stated that the partners are continuing to evaluate options including Lyondell's purchase of Citgo's interest in the joint venture.

Moody's said the review will focus on Lyondell's potential purchase price for the 41.25% of the joint venture that it does not own and the extent to which the removal of existing purchase and supply agreements at Lyondell will positively impact Lyondell's profitability.

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