Fitch rates Lyondell Basell amended loan B

Fitch Ratings said it changed Lyondell Basell Industries AF SCA's outlook to negative from stable, and affirmed its long-term issuer default rating at B+, short-term issuer default rating at B and senior notes rating at B-.

Fitch also withdrew the ratings on the company's $8 billion amended bridge loan, and assigned new ratings. Lyondell Basell Finance Co.'s bridge facility has a new fixed-rate second-lien loan rating of B with recovery rating of 5, floating-rate second-lien loan at B with recovery rating of 5 and floating-rate third-lien loan at B- with recovery rating of 6.

Other ratings affirmed include Lyondell Chemicals Co.'s long-term issuer default rating affirmed at B+ and secured debentures at BB+ with recovery rating of 1; Equistar Chemicals LP's long-term issuer default rating at B+ and secured debentures at BB+ with recovery rating of 1; and Millenium America Inc.'s long-term issuer default rating at B+ and senior debentures at B- with recovery rating of 6.

The outlook is negative, reflecting the company's lower-than-expected operating results for the first half of 2008, partly due to volatile feedstock costs and deteriorating business prospects in the United States and Europe, Fitch said.

The ratings are supported by the group's largely back-ended debt amortization profile and its access to substantial liquidity sources, the agency said.

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