CLEVELAND (March 24)—PolyOne Corp., reacting to the downgrading of its senior debt by Moody's Investors Service, has begun negotiations to replace its existing receivables sale facility with a new facility that would have no debt ratings trigger. The company, which operates North America's largest network of rubber compounding facilities, already has negotiated a waiver of the debt trigger through June 30 on its current receivables. PolyOne said it expects to have the new receivables sale facility in place before the end of the second quarter, although it cautioned there can be no absolute assurance of this happening. The current receivables sale facility provides PolyOne with up to $250 million in liquidity through the sale of certain domestic trade accounts receivable at a cost similar to high-grade commercial paper. Moody's downgraded PolyOne's senior debt March 21 to B2 from Ba3.