Moody's lifts Westlake, gives bonds Ba2

Moody's Investors Service said it upgraded the corporate family rating of Westlake Chemical Corp. to Ba1 from Ba2 due to better than expected performance in 2009 and the expectation that credit metrics will improve in 2010, largely due to better than expected margins in the first half of the year.

Moody's said it also assigned a Ba2 rating to the $100 million Louisiana local Government Environmental Facilities and Community Development Authority revenue bonds due August 2029, which are guaranteed by Westlake.

The outlook is stable.

Moody's said it also raised the ratings for Westlake's $250 million guaranteed senior unsecured notes due 2016 and $250 million LCDA Revenue Bonds due 2032 to Ba2.

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