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S&P cuts Lyondell
Standard & Poor's said it lowered to D from CC ratings on Lyondell Chemical Co., Equistar Chemicals LP and Millennium Chemicals Inc.
This follows LyondellBasell Industries AF SCA's decision to file for Chapter 11 bankruptcy protection for these entities on Jan. 6.
The long-term issuer credit rating on LyondellBasell remains at SD.
LyondellBasell filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court. The bankruptcy filing comes after Lyondell Chemical Co. missed a $160 million fees and $121 million interest payment relating to the bridge loan agreement on Jan. 4, which had already been deferred from Dec. 19.
"We believe that debt restructuring will result in substantial principal losses for non-senior lenders, mainly the second-lien and very likely a majority of senior unsecured bond obligations," S&P analyst Tobias Mock said in a statement.
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