S&P ups Chevron Phillips short-term rating

Standard & Poor's said it affirmed the BBB long-term corporate credit and senior unsecured debt ratings on Chevron Phillips Chemical Co. LLC, and upgraded its short-term corporate credit and commercial paper ratings to A-2 from A-3.

The outlook was revised to stable from negative.

The upgrade follows significant strengthening in Chevron Phillips' operating results during the past few quarters because of improving demand for its products, competitive advantages stemming from low feedstock costs in the Middle East and North America and competitors' temporary outages and project start-up delays, S&P said.

The ratings also reflect exposure to commodity chemical cycles, balanced by an intermediate financial risk profile that benefits from reasonable liquidity and strong parentage, the agency said.

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