Fitch affirms Westlake

Fitch Ratings said it affirmed the issuer default rating of Westlake Chemical Corp. at BBB-. The outlook is stable.

The agency said the ratings reflect Westlake's strong liquidity, conservative capital structure and solid free cash flow generation.

For 2012, Fitch said it expects Westlake to generate at least $650 million in EBITDA and to burn up to $110 million in cash given the capital spending guidance of $400 million. Fitch expects Westlake to return to free cash flow generation thereafter as projects begin to complete.

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