Moody's rates Westlake notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Westlake Chemical Corp.'s new $250 million notes due 2022.

Proceeds from the notes, along with balance sheet cash, will be used to repay $250 million of its 6 5/8% notes due 2016 and the required premium.

The outlook is stable.

"This refinancing will lower Westlake's interest burden going forward and improve its already strong maturity profile," Moody's senior vice president John Rogers said in a news release.

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