S&P gives BBB+ to Westlake Chemical notes

S&P said it assigned its BBB+ issue-level ratings to Westlake Chemical Corp.'s proposed unsecured notes to be issued as part of an exchange offer for Axiall Corp.'s debt.

The ratings on the proposed notes were also placed on CreditWatch with negative implications.

The company announced on Aug. 8 an offer to exchange new Westlake notes for nearly $1.138 billion of principal outstanding on existing notes at Axiall in conjunction with Westlake's planned acquisition of Axiall.

All existing ratings on Westlake, including the BBB+ corporate credit rating, are unchanged and remain on CreditWatch where they were placed with negative implications on June 13 following the company's announcement of the proposed acquisition.

S&P said it will resolve the CreditWatch placement when the transaction closes or earlier when it believes it has sufficient information related to the final capital structure and the company achieves milestones including shareholder approval of the transaction.

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