Moody's may up Westlake

Moody's Investors Service said it placed the debt of Westlake Chemical Corp. under review for possible upgrade due to the company's planned initial public offering of about $200 million.

The company plans to use the equity proceeds primarily for debt reduction, which should substantially strengthen credit protection measures, the agency said.

Moody's review will focus on the company's new capital structure and raw material and energy cost volatility. More specifically, Moody's review will focus on the prospective impact of a substantial reduction in leverage and the potential for continued volatility in margins, and the effects on the company's financial profile for 2004 and 2005.

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