S&P upgrades Westlake Chemical

Standard & Poor's said it raised its ratings on Westlake Chemical Corp., including the $200 million revolving credit facility to BB+ from BB, the senior unsecured notes to BB from B+, and the $120 million term loan to BB+ from BB.

S&P also removed all ratings from CreditWatch with positive implications following the completion of an initial public offering. At the same time, S&P assigned its recovery rating of 1 to Westlake's secured bank loan facilities.

The outlook is positive.

S&P said the upgrade reflects the improvement to credit quality as a result of the IPO and the expectation that management will adopt financial policies in line with the new rating. The ratings on Westlake continue to reflect the company's aggressive financial profile and its below-average business position as a commodity chemical producer.

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