ENERGY

Moody’s Reviews Unocal Unit, Downgrades Arco Chemical: The investors service announced that concern over the effect of continued low crude oil and natural gas prices and “margin weakness” in its refining and marketing operations prompted it to review for a possible downgrade the Baa1 rating for long-term debt and the Prime-2 rating for commercial paper issued by Union Oil Co. of California. It is a subsidiary of Los Angeles-based Unocal Corp. Meanwhile, Moody’s downgraded its rating of Arco Chemical Co.’s senior debt. The unit is 83% owned by Los Angeles-based Atlantic Richfield Co. Citing the chemical unit’s “ambitious capital expenditure program and uncertainties about the long-term profit and competitive outlook for the company’s relatively narrow, commodity-oriented product lines,” the service downgraded its rating to Single-A3 from Single-A2.