Moody's moves Gemini view to positive

Moody's Investors Service said it changed the outlook for Gemini HDPE LLC to positive from negative and affirmed the Ba3 rating assigned its senior secured term loan B due 2027 which has about $588 million of debt outstanding.

“Today's rating action reflects the improvement in the credit quality of Gemini's offtaker, Ineos Group Holdings SA (Ineos: Ba3 positive), as Moody's revised its outlook on Ineos to positive from negative earlier this month. That rating action is due to continued economic recovery from the pandemic as Ineos has seen improvement in performance faster than previously,” Moody’s said in a press release.

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