S&P: BCP Crystal, Celanese negative

Standard & Poor's said it revised its outlook on BCP Crystal US Holdings Corp. and subsidiary Celanese AG to negative from stable following the recently announced agreement that BCP will acquire Acetex Corp. in a debt-financed transaction.

S&P affirmed BCP Crystal's B- floating-rate term loan, Crystal US Holdings 3 LLC's B- senior discount notes due 2014, Celanese's B+ corporate credit rating, CAN Holdings Inc.'s B+ corporate credit rating and B- senior unsecured debt and Acetex's B+ corporate credit rating and B+ rated 10 7/8% senior notes due 2009.

S&P said it views BCP Crystal's announced acquisition of Acetex as a continuation of this company's very aggressive financial policies.

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