Moody's ups Ineos Enterprises

Moody's Investors Service said it upgraded the corporate family rating of Ineos Enterprises Holdings Ltd. to Ba3 from B1 and the probability of default rating to Ba3-PD from B1-PD.

Moody's also upgraded to Ba3 from B1 the ratings assigned to Ineos Enterprises Holdings II Ltd.'s €279 million senior secured term loan due 2024 and €780 million senior secured term loan due 2026, and Ineos Enterprises Holdings US Finco LLC's $370 million senior secured term loan due 2026.

“Today's rating action reflects Ineos Enterprises' strong performance in 2020 helped by its solvents division that produces IPA, a compound used in the manufacturing of hand sanitizer, although Moody's notes that the performance of other segments has been more volatile. Further, Moody's expects growth across Ineos Enterprises' portfolio of businesses to continue in the next 12-24 months based largely on the broad economic recovery in global markets following the pandemic,” the agency said in a press release.

The outlook is stable.

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