Moody’s trims Gemini HDPE loan

Moody's Investors Service said it downgraded Gemini HDPE LLC's senior secured term loan rating to Ba3 from Ba2.

“Today's rating action reflects the degradation in the credit quality of Gemini's sole owner and offtaker, Ineos Group Holdings SA (Ineos: Ba3 negative) owing to Ineos being downgraded to Ba3 and a negative outlook earlier this week due to the company's weak performance amid a downturn in the global chemicals industry. The Ineos downgrade reflects weakening credit metrics as a result of debt-financed and acquisitions as well as uncertainty regarding the timing of the cyclical chemical industry's turnaround,” Moody’s said in a press release.

The outlook remains negative.

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