Fitch could lower Lyondell, Equistar, Millennium

Fitch Ratings said it placed Lyondell Chemical Co., Equistar Chemical Co. LP and Millennium Chemicals Inc. on Rating Watch negative after Lyondell agreed to be acquired by Basell for $12.66 billion, or $48 per share, for a total deal worth $19 billion including Lyondell's outstanding debt.

Lyondell has an issuer default rating of BB-, senior secured credit facility and term loan and senior secured notes at BB+, senior unsecured notes at BB- and debentures at BB-. Equistar has an issuer default rating B+, senior secured credit facility BB+/RR1 and senior unsecured notes BB-/RR3.

Millennium Chemicals Inc.'s issuer default rating is B+ and its convertible senior unsecured debentures are rated BB/RR2. Millennium America Inc. has an issuer default rating of B+ and senior unsecured notes rated BB/RR2.

The agency said it expects to downgrade the ratings by at least one notch.

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