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S&P ups Westlake Chemical
S&P said it raised Westlake Chemical Corp.’s long-term issuer credit and senior unsecured debt ratings to BBB from BBB-.
“Following its stronger-than-expected operating performance over the past few quarters, we anticipate that Westlake Chemical Corp. will materially strengthen its EBITDA and credit measures in 2021 relative to 2020,” S&P said in a press release.
The upgrade considers Westlake’s recently reported $2.15 billion acquisition of Boral North America's building products businesses, which it will fund with a mix of cash and new debt, the agency said.
The outlook is stable.
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