S&P cuts Millennium Chemicals, affirms Lyondell

Standard & Poor's said it lowered its corporate credit and senior unsecured debt ratings on Millennium Chemicals Inc. to B+ from BB- and removed the ratings from CreditWatch negative where they were placed on March 29.

At the same time, S&P lowered its debt ratings on Millennium America Inc., a wholly owned subsidiary of Millennium Chemicals and removed the ratings from CreditWatch. The outlook is stable.

S&P cut Millennium America's senior unsecured bank loan rating to BB- from BB and senior unsecured notes to B+ from BB- and affirmed Lyondell Chemical Co.'s B+ corporate credit and senior secured debt ratings and B- subordinated debt rating and Equistar Chemicals LP's B+ corporate credit and senior unsecured debt ratings and BB- senior secured bank loan rating.

S&P said the downgrade reflects the ownership of Millennium by the highly leveraged Lyondell Chemical Co. (B+/stable/--) following the completion of a previously announced stock-financed combination.

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