S&P rates Westlake Chemical shelf BB-

Standard & Poor's said it assigned its preliminary BB- senior unsecured and B+ subordinated debt ratings to Westlake Chemical Corp.'s $750 million universal shelf.

At the same time, S&P affirmed its BB corporate credit rating and other ratings on the company, including the BB- senior unsecured notes rating, BB+ rated $200 million revolving credit facility and BB+ rated secured term loan. The outlook remains positive.

S&P said the ratings on Westlake reflect the company's aggressive financial profile and its position as a midsize producer of petrochemical products.

Competition in the company's business segments is very intense, and based primarily on price, according to S&P. Exposure to commodity chemical cycles is a negative credit attribute, as is the company's concentration in North America.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.