Moody's assigns Westlake notes Baa2

Moody's Investors Service said it assigned Baa2 ratings to Westlake Chemical Corp.'s expected $1.7 billion of senior unsecured notes.

The proceeds are expected to be used to help fund pending acquisitions.

Westlake plans to acquire Boral Ltd.'s North American building products business for $2.2 billion and Netherlands-based Aalbert's Lasco Fittings for $253 million and Dimex.

“Even with the addition of incremental debt, Moody's expects that Westlake's credit metrics will strengthen in 2021. Continued strength in the vinyls and olefins business is expected to drive EBITDA comfortably above $2 billion with strong cash flow generation in 2021,” the agency said in a press release.

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