TEXT-S&P: LyondellBasell ratings unchanged by dividend announcement

Fri Oct 26, 2012 3:39pm EDT

Oct 26 - Standard & Poor's Ratings Services said today that its ratings on
LyondellBasell Industries N.V. (BBB-/Stable/--) remain unchanged
following LyondellBasell's announcement that it will pay a special dividend
totaling $1.6 billion.

Credit measures are currently robust for the ratings, and liquidity is strong. 
As of Sept. 30, 2012, funds from operations-to-total adjusted debt was near 
60% versus our expectation for the rating that it average 40% to 45% and 
remain near 30% even in industry troughs. At the same date, total liquidity 
was $6.8 billion, including cash and equivalents of $3.5 billion. In view of 
industry cyclicality, we consider LyondellBasell's policies regarding capital 
spending, dividends, leverage, and liquidity as consistent with the current 
ratings.
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