Fitch: Westlake Chemical, notes BBB-, loan BBB

Fitch Ratings said it assigned an issuer default rating of BBB- to Westlake Chemical Corp., along with a senior secured asset-backed facility rating of BBB and a senior unsecured notes rating of BBB-.

The outlook is stable.

The ratings incorporate the favorable industry fundamentals of the North American ethylene and polyethylene industry, which is characterized by low costs for light feedstock and currently fairly tight supply against the backdrop of capacity shutdowns during the recession and the ongoing strengthening of the demand recovery, Fitch said.

Westlake benefits from these fundamentals through price increases and robust volumes, the agency said.

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