S&P rates Ineos Quattro add-on BB

S&P said it assigned its BB issue rating to Ineos Quattro Holdings UK Ltd.'s planned minimum €700 million fungible add-on to its term loan B due in January 2026. The recovery rating on this add-on is 3, indicating 65% recovery in the event of a payment default.

The add-on is Quattro and by its U.S.-based subsidiary Ineos US Petrochem LLC to extend part of the euro/U.S. dollar term loan maturing in January 2026, with the same ratings, and otherwise refinance certain 2026 maturities.

“The transaction reflects Quattro's proactive maturity management. It will be broadly credit neutral as the new debt will be used to refinance the existing one,” S&P said in a press release.

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