Moody's ups Westlake Chemical

Moody's Investors Service said it upgraded the ratings of Westlake Chemical Corp. due to the recent equity issuance, proceeds of which were used, with a minimal amount of existing cash, to reduce debt by $188 million.

The outlook is stable.

Moody's upgraded Westlake's $200 million guaranteed senior secured revolving credit facility due 2007 to Ba1 from Ba2, $120 million guaranteed senior secured term loan B due 2010 to Ba1 from Ba2, $247 million guaranteed senior unsecured notes due 2011 to Ba2 from Ba3, senior implied rating to Ba2 from Ba3 and issuer rating to Ba3 from B1.

Moody's said the upgrade reflects Westlake's improved credit metrics as a result of the $188 million debt reduction.

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