Moody's upgrades Ineos

Moody's Investors Service said it upgraded Ineos Group Holdings SA's corporate family rating by one notch to B2 and its 2016 senior guaranteed notes to Caa1 (LGD 5, 88).

The outlook is positive.

The ratings upgraded also include the Ineos Holding Ltd.'s first-lien senior secured bank facilities and 2015 notes to Ba3 (LGD 3, 31) and 2015 second-lien senior secured loans to B3 (LGD 5, 73).

The upgrades follow news of the successful closing of the refining joint venture transaction between Ineos and Petrochina, Moody's said.

The negotiated terms of the transaction allow the company to retain full benefits of its integrated business model as its downstream petrochemical production facilities remain integrated in the refining facilities of the joint venture, the agency said.

Moody's also said it expects that the carving out of more volatile refining operations will reduce the operating risk profile and further mitigate financial risks.

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