S&P lowers Basell

Standard & Poor's said it lowered its long-term corporate credit rating on Netherlands-based plastics producer Basell BV to B+ from BB+ and removed the ratings from CreditWatch, where they were first placed on Dec. 10, 2004.

The outlook is stable, S&P said in a corrected article to include the view on the ratings.

The downgrade reflects the new, highly leveraged financial structure put in place after Basell was acquired by Access.

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