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S&P rates Westlake debt BBB+
S&P said it assigned BBB+ ratings to Westlake Chemical Corp.'s proposed $1 billion revolving credit facility and senior unsecured debt.
The ratings also were placed on CreditWatch with negative implications.
The proceeds will be used to partly finance its planned acquisition of Axiall Corp., S&P said.
All of the existing ratings on Westlake, including its BBB+ corporate credit rating, are unchanged and remain on Credit Watch, where they were placed with negative implications in June following news of the company's proposed acquisition, the agency said.
The CreditWatch will be resolved when the transaction closes or when sufficient information is known related to the company’s final capital structure, S&P said.
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