Lyondell Chemical Company "B" paper traded down to 97 1/8 from a high of 101 last week. An estimated total of $10 million traded. The sharp downgrade in levels was attributed to a cyclical chemical sector and the volatile market, which was heightened by the World Trade Center attacks. "The chemical sector is very cyclical and sensitive to oil prices," a dealer explained. "Bonds and stocks are down, the market is down, and liquidity is reasonably low, so that all translates into lower bids." The Houston-based company makes polymers and petrochemicals. Calls to Robert Blakely, cfo, were referred to investor relations director Patrick Quarles, who declined to comment.
Lyondell Softens With Cyclical Chemical Sector