Moody’s rates LYB International notes Baa1

Moody's Investors Service said it assigned Baa1 ratings to three tranches of guaranteed senior unsecured notes totaling roughly $2 billion to be issued by LYB International Finance III, LLC.

The notes are fully and unconditionally guaranteed by LyondellBasell Industries NV (Baa1 negative).

Proceeds from the new notes will be used for general corporate purposes, including enhancing liquidity during the coronavirus pandemic.

“The Baa1 rating assumes that the once the crisis is over proceeds will be used to repay upcoming debt maturities in 2021 and 2022,” the agency said in a news release.

The outlook is negative.

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