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Moody's may upgrade Ineos
Moody's Investors Service said it placed on review for upgrade the B3 corporate family rating of Ineos Group Holdings SA, along with the Caa2 (LGD 5, 88%) rating on its 2016 senior guaranteed notes.
The B1 (LGD 3, 30%) rating on Ineos Holding Ltd.'s first-lien senior guaranteed bank facilities and notes also were placed on review for upgrade, along with the Caa1 rating (LGD 5, 73%) on its second-lien senior loans.
The B1 rating (LGD 3, 30%) rating on Ineos Finance plc's senior secured global notes also were placed on upgrade review.
The review process reflects an expectation of accelerated deleveraging in 2011, driven by the reduction in debt associated with the proposed refining transaction, Moody's said, and further supported by the continuous strength in cash flow generation by the chemicals operations.
The review for upgrade also considers the expectation that a proposed acquisition transaction will be credit supportive, the agency said.
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