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BASIC INDUSTRIES: Westlake (WLK Baa2/BBB+/BBB): S&P Upgrade

BASIC INDUSTRIES

WLK 1.625 07/29 quoted 3bp tighter this morning

  • Westlake was upgraded one notch by S&P overnight.
  • Cites improved margin profile and deleveraging post Axiall acquisition.
  • Key debt metric is FFO-to-debt, seen in the 45-60% range.
  • We have previously flagged WLK 1.625 07/29 as good value vs comps.

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