Moody’s turns Ineos outlook to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed Ineos Enterprises Holdings Ltd.'s (Ineos Enterprises) Ba3 corporate family rating, its Ba3-PD probability of default rating, along with Ba3 ratings of its senior secured term loans issued by Ineos Enterprises Holdings II Ltd. and Ineos Enterprises Holdings Us Finco LLC.

“Today's rating action reflects Ineos Enterprises' weak performance in the first nine months of 2023, as well as the expectation of slow recovery throughout 2024 and into 2025. Three of Ineos Enterprises' key business segments, pigments, solvents and chemical intermediates, are underperforming due to unfavorable market conditions.

“At the same time, the hygienics business is continuing to generate negative EBITDA as the company establishes its first retail presence. The composites business, which generated €45 million of EBITDA in the third quarter of 2023, was the only part of Ineos Enterprises' portfolio that sustained mid-cycle performance,” Moody’s said in a press release.

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