Moody's may upgrade Crystal US

Moody's Investors Service said it placed the Ba3 corporate family and probability-of-default ratings of Crystal US Holdings 3 LLC, a subsidiary of Celanese Corp., under review for possible upgrade, as well as CNA Holdings, Inc.'s B2 senior unsecured regular bonds and Celanese U.S. Holdings LLC's Ba3 senior secured bank credit facility.

The agency said the review reflects the company's strong operating performance in 2007, growth in Asia, strong pricing and demand in its chemical products businesses, better product mix and cost improvements in industrial specialties and continuing strong credit metrics.

Moody's review will focus on the company's ability to continue to generate solid financial metrics despite the impact of a slowing U.S. economy and the potential for weaker international growth. It will also examine the potential impact of additional share repurchases, bolt-on acquisitions and the buyouts of Celanese's joint ventures in Asia.

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