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Fitch rates LyondellBasell loan BBB
Fitch Ratings said it gave a BBB rating to LyondellBasell Industries NV’s new $3.25 billion revolver due 2026, changed the issuer’s outlook to positive from stable and affirmed the BBB ratings on the company’s subsidiaries’ senior unsecured debt.
“The ratings reflect LyondellBasell's significant scale and diversification, feedstock flexibility, consistently strong pre-dividend cash flow generation, and balanced capital allocation plan that supports its investment-grade financial profile,” the agency said in a press release.
The positive outlook reflects the issuer’s accelerated debt paydown, and the likelihood the next CEO will continue a low-debt policy, which could lead to an upgrade of the issuer default rating, Fitch said.
The agency also withdrew the IDRs for LYB Finance Co. BV, LYB International Finance BV, LYB International Finance II BV, and LYB International Finance III, LLC as they are no longer considered relevant to the agency’s coverage.
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