Moody's cuts BCP Crystal, rates loans B1

Moody's Investors Service said it affirmed the ratings (B1 senior implied) of Crystal US Holdings 3 LLC (a subsidiary of Celanese Corp.).

Moody's downgraded the senior secured bank debt at BCP Crystal US Holdings Corp. and assigned B1 ratings to the new tranches, a $220 million revolving credit facility and $450 million delayed-draw term loan C.

Moody's cut BCP Crystal US Holdings Corp.'s guaranteed senior secured revolver due 2009, guaranteed senior secured credit-linked revolver due 2009 and guaranteed senior secured term loan B due 2011 to B1 from Ba3 and CNA Holdings Inc.'s senior unsecured rating to B2 from B1.

Moody's rated BCP Crystal US Holdings' guaranteed senior secured revolver due 2009, guaranteed senior secured term loan B due 2011 and guaranteed senior secured delay-draw term loan C due 2011 B1 and affirmed Crystal US Holdings' B1 senior implied rating, Caa2 senior unsecured issuer rating and senior discount notes due 2014 and BCP Crystal US Holdings' B3 rated guaranteed senior subordinated notes.

Moody's said the downgrade is a direct result of the refinancing that is expected to occur concurrent to the company's planned initial public offering.

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