Moody's: Methanex notes Ba1

Moody's Investors Service said it assigned a Ba1 (LGD 4, 61%) rating to Methanex Corp.'s $250 million senior unsecured notes due 2022.

The company's Ba1 corporate family and probability of default ratings were unaffected, along with the Ba1 (LGD 4, 61%) rating on its $150 million senior unsecured notes due 2015 and $200 million senior unsecured notes due 2012.

The proceeds from the new issue will be used to repay the $200 million of notes maturing in August 2012 and for general corporate purposes.

The outlook is positive.

The positive outlook reflects Methanex's strong leverage and financial strength credit metrics, Moody's said, and its improved methanol production asset profile.

The agency said it expects that investment opportunities currently under consideration by the company will add to the company's production capacity, as will favorable industry conditions.

The ratings are tempered by the single commodity petrochemical product portfolio, cyclical nature of pricing and inconsistent supplies of natural gas feedstock, Moody's said.

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