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Moody's ups Ineos, gives loan Ba2
Moody's Investors Service said it upgraded the corporate family rating of Ineos Group Holdings SA to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD. Moody's also assigned Ba2 ratings to the proposed guaranteed senior secured term loan add-on to be issued by Ineos Finance plc and Ineos US Finance LLC.
Concurrently, Moody's affirmed the Ba2 ratings of Ineos’ guaranteed senior secured notes due November 2025, March 2026 and May 2026, also affirmed the Ba2 ratings of guaranteed senior secured term loans due March 2024 and October 2027 issued by Ineos Finance plc and the guaranteed senior secured term loan due March 2024 issued by Ineos US Finance LLC. The rating outlook on all three entities was changed to stable from positive.
The rating action, the agency said, reflects Ineos’ continuing robust performance across its portfolio in the first nine months of 2021 leading to very strong credit metrics.
“The company posted record revenues and EBITDA in the third quarter of 2021, for the second quarter in a row. On a last 12 months basis, Ineos' revenues increased by 64% for the 12 months ended Sept. 30, 2021, as compared to the same period in the prior year and EBITDA more than doubled. Also positively, INEOS' leverage reduced to approximately 2.9x for the 12 months ended Sept. 30, 2021 from 5.1x for the 12 months ended Sept. 30, 2020,” Moody’s said in a press release.
The revised outlook reflects the expectation the company will balance the interests of its shareholders and debtholders prudently and maintain leverage at or below 4x calculated as gross debt/EBITDA including Moody's standard adjustments, the agency said.
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