Moody's lowers Ineos secured debt to Ba3

Moody's Investors Service said it downgraded to Ba3 from Ba2 the ratings assigned to Ineos Styrolution Group GmbH's and Ineos Styrolution US Holding LLC's senior secured term loan B facilities due January 2027, as well as the rating assigned to the €600 million guaranteed senior secured notes due January 2027 issued by Ineos Styrolution Group.

Further, Moody's downgraded to Ba3 from Ba2 the rating on the guaranteed senior secured term loan B currently being marketed by Ineos US Petrochem LLC and Ineos 226 Ltd., as well as the guaranteed senior secured revolving credit facility and guaranteed senior secured term loan A issued by Ineos 226 and Ineos US Petrochem.

In addition, Moody's lowered to Ba3 from Ba2 the guaranteed senior secured notes due 2026 currently being marketed by Ineos Quattro Finance 2 plc.

Moody's also affirmed the corporate family rating of Ineos Quattro Holdings Ltd. (Ineos Quattro) at Ba3 and the probability of default rating at Ba3-PD, as well as the B2 rating of guaranteed senior unsecured notes due 2026 currently being marketed by Ineos Quattro Finance 1 plc.

The outlook remains negative for all ratings.

“This rating action reflects Ineos Quattro's revision of the transaction such that the total amount of secured debt increased by €500 million while the unsecured debt was reduced by the same amount,” Moody’s said in a news release.

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