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