Fitch cuts rating on Lyondell debentures |
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Thu, 19 Apr 2007 21:05
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NEW YORK (AP) - Credit ratings agency Fitch Ratings on Thursday backed its issuer default rating on chemical maker Lyondell Chemical Co., but lowered its rating on some of its debentures.Fitch left its IDR rating for Lyondell at 'BB-' and lowered its rating on Lyondell's $100 million debentures due 2010, as well as its rating on $225 million in debentures due 2020 to 'BB-' from 'BB+'.Under the terms for the debentures, they are required to be secured equally with any debt that is secured by certain qualifying manufacturing plants, according to Fitch.The ratings on the debentures were cut because there are no qualifying manufacturing plants securing other debts.Roughly $5 billion in Lyondell's debt is covered by Fitch, and the rating outlook remains positive.Shares of Lyondell were down 34 cents at $31.02 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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