Moody’s views Ineos Quattro negatively

Moody’s Investors Service said it changed the outlooks for Ineos Quattro Holdings Ltd., Ineos Quattro Holdings UK Ltd., Ineos US Petrochem LLC, Ineos Quattro Finance 1 plc, Ineos Quattro Finance 2 plc, Ineos Styrolution Group GmbH and Ineos Styrolution US Holding LLC to negative from stable and affirmed their issuer and debt ratings.

“Today's rating action reflects Ineos Quattro's weak performance in the first half of 2023 as well as the expectation of delayed recovery. Previously, Moody's expected Ineos Quattro's revenues and EBITDA to return to mid-cycle levels in the second half of 2023; however, this is now not anticipated until 2024. As a result, Ineos Quattro's credit profile will be pressured for a longer period of time than previously anticipated,” the agency said in a statement.

Moody’s noted Ineos Quattro’s leverage rose soared to 5.3x for the 12 months ending June 2023 from 2.6x in 2022.

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