Moody’s rates Westlake notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Westlake Chemical Corp.’s proposed $500 million senior notes due 2047.

The outlook is stable.

Westlake plans to use the net proceeds, together with proceeds from borrowings under its revolving credit facility, a planned remarketing of up to $250 million aggregate principal amount of Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, and cash on hand, to redeem $1.1 billion aggregate principal amount of Westlake's and certain wholly owned subsidiaries' 4.625% senior notes due 2021 and 4.875% senior notes due 2023 on or after the call dates of Deb. 15, 2018, and May 15, 2018, respectively.

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