Moody's may up Westlake

Moody's Investors Service said it placed under review for upgrade Westlake Chemical Corp.'s Ba1 corporate family and probability-of-default ratings as well as the Ba2 ratings (LGD4, 68%) for its guaranteed senior unsecured debt unsecured GoZone bonds guaranteed by Westlake.

The review was prompted by the company's continued strong financial performance and an increasing cash balance that is reducing event risk from a potential larger petrochemical capacity addition, according to the agency.

The review will focus on the costs related to the capacity expansions in Lake Charles, the potential cost of increasing capacity in Calvert City and management's plans for growth post 2014, Moody's said.

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