Moody's rates Crystal US notes Caa2

Moody's Investors Service said it assigned a Caa2 rating to Crystal US Holdings 3 LLC's new senior discount notes and affirmed the ratings of BCP Caylux Holdings Luxembourg SCA and CNA Holdings Inc.

Moody's also assigned a senior implied rating of B1 and an issuer rating of Caa2 to Crystal US. The outlook is stable.

The issuance of the notes effectively removes the vast majority of equity that was initially used to capitalize BCP and fund the acquisition of Celanese AG. Crystal US is a subsidiary of Blackstone Crystal Holdings Capital Partners (Cayman) IV Ltd., an affiliate of The Blackstone Group.

Moody's assigned a Caa2 rating to Crystal US Holdings 3 LLC's/Crystal US Sub 3 Corp.'s $513 million senior discount notes due 2014 and senior unsecured issuer rating and a B1 senior implied rating and affirmed BCP Caylux's Ba3 rated €313 million guaranteed senior secured revolver due 2009, €187 million guaranteed senior secured credit-linked revolving facility due 2009 and €500 million guaranteed senior secured term loan B, its B2 rated €350 million guaranteed senior secured term loan C and its B3 rated €1.24 million guaranteed senior subordinated notes due 2014 and CNA Holdings' B1 senior unsecured rating.

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