OREANDA-NEWS. S&P Global Ratings today assigned its 'BBB+' issue-level ratings to Houston-based commodity petrochemical producer Westlake Chemical Corp.'s proposed $1 billion revolving credit facility and senior unsecured debt. The ratings were also placed on CreditWatch with negative implications. All ratings on proposed debt are based on preliminary terms and conditions.

The company plans to use proceeds to partly finance its planned acquisition of Axiall Corp. All existing ratings on Westlake, including the 'BBB+' corporate credit rating, are unchanged and remain on Credit Watch where we placed them with negative implications on June 13, 2016, following the company's announcement of the proposed acquisition. We will resolve the CreditWatch placement when the transaction closes or earlier when we believe we have sufficient information related to the final capital structure and the company achieves milestones including shareholder approval of the transaction.