Moody's: LyondellBasell notes Baa2

Moody's Investors Service said it assigned a Baa2 ratings to new guaranteed senior unsecured notes to be issued by LYB International Finance BV, a wholly owned subsidiary of LyondellBasell Industries NV.

LyondellBasell is the guarantor of the notes.

The company plans to issue two tranches of notes due 2023 and 2043. The size of each tranche will depend on market conditions. Proceeds from the new notes will be used for general corporate purposes, which will include the previously announced share repurchase program.

The outlook is positive.

"As expected LyondellBassell is increasing debt to fund the share repurchase program announced in May," Moody's senior vice president John Rogers said in a news release. "However, the company will maintain an elevated cash balance and credit metrics will remain extremely strong for the rating."

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