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S&P boosts Celanese US
Standard & Poor's said it raised its ratings, including the corporate credit rating to BB from BB- on Celanese US Holdings LLC (formerly BCP Crystal US Holdings Corp.), a subsidiary of Celanese Corp.
The outlook is positive.
S&P said that the upgrades incorporate the likelihood that cash flow protection measures will be sustained at improved levels because of higher earnings and still favorable industry prospects.
Moreover, increasing discretionary funds generation bolsters Celanese's ability to address acquisitions and capital projects without harming the revised ratings, the agency said, noting that at the same time, it raised the senior secured bank loan rating to BB+ from BB and affirmed the 2 recovery rating.
The agency added that the ratings on Celanese US Holdings reflect its still-aggressive debt load, the cyclicality of the company's businesses and exposure of operating margins to oil and natural gas-based raw materials.
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