New York, April 30, 2014 -- Moody's Investors Service has today said that it views as credit neutral Westlake Chemical Corporation's (Westlake, Baa3 stable) announcement that its newly formed subsidiary, Westlake Chemical Partners LP (Chemical Partners, unrated) has filed an initial public offering for limited partner interest in a fixed-distribution, master limited partnership (MLP) structure. The new MLP's assets will be comprised of three incumbent Westlake ethylene production facilities and an ethylene pipeline. Westlake will have near total ownership and control of the newly proposed MLP and Moody's views the MLP's fixed distribution level (the first year forecasts as published in the new filing) as modest. As a result, Moody's views Westlake's new MLP as neutral to its credit profile.

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