Moody's: Ineos review direction now for upgrade

Moody's Investors Service said it has maintained the ratings of Ineos Vinyls under review but has changed the direction to a review for possible upgrade.

This follows the announcement by Ineos Group Ltd. of its intention to seek lenders' consent to allow the group to acquire Ineos Chlor Newco 2 Ltd. and Ineos Vinyls Group Ltd., chemical companies under the ownership of Ineos Capital and Ineos management and employees.

Moody's said its review will focus on the future measures to be taken by management to improve the profitability of Ineos Vinyls' operations; the ongoing efforts to mitigate reliability issues at some of the Ineos Vinyls facilities; the level of shareholder's support that would be available to Ineos Vinyls to facilitate resolution of operating and financial issues and the shareholder's policy for financing Ineos Vinyl's operations going forward; and Ineos Vinyls' credit metrics.

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