Moody's lowers Texas Petrochemicals

Moody's Investors Service said it lowered Texas Petrochemicals LP's corporate family rating to B1 from Ba3 and lowered the rating on the term loan to B1 from Ba3.

The rating action reflects expectations for reduced sales levels over the near term and the company's decline in liquidity, the agency said.

The outlook is negative.

Affected ratings include the company's probability of default rating, down to B1 from Ba3.

According to Moody's, the downgrade of Texas Petrochemicals' corporate family rating and move to a negative outlook reflects a decline in the company's liquidity year to date and its expectation that its 2009 operating results will be substantially weaker than prior year results, despite the start up of its new HR-PIB facility in October.

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