Fitch rates Bayport Polymers notes A-

Fitch Ratings said it assigned Bayport Polymers LLC's planned notes an expected A- senior unsecured rating.

“The expected senior unsecured rating takes into account the unconditional and irrevocable guaranty for the payment of any interest and principal provided by Borealis AG, which is in turn 75% owned by OMV AG (A-/stable), as well as our assessment of the linkage between Borealis and OMV. Baystar is effectively a 50%/50% JV between Borealis and TotalEnergies SE (AA-/stable) for an ethane cracker/polyethylene project in the U.S. Gulf Coast,” Fitch said in a press release.

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