Moody’s moves Gemini outlook to negative

Moody’s Investors Service said it revised its outlook for Gemini HDPE LLC to negative from stable and affirmed the Ba2 rating on its senior secured term loan due 2027. About $543 million is outstanding on the loan.

“Today's rating action reflects the degradation in the credit quality of Gemini's sole owner and offtaker, Ineos Group Holdings SA (Ineos: Ba2 negative). Earlier this month, Ineos' Ba2 rating was affirmed and its rating outlook was changed to negative from stable owing to increasing leverage driven by global chemical markets softening from 2022 peaks and higher debt loads from related-party loans,” Moody’s said in a press release.

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