Moody’s gives Trinseo loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to the $1.08 billion senior secured first-lien term loan due 2028 of Trinseo LuxCo Finance SPV Sarl.

Moody's also assigned a negative outlook to the company, which is a wholly owned subsidiary of Trinseo plc.

Trinseo’s ratings, including its B1 corporate family rating, B1-PD probability of default rating and speculative grade liquidity rating of SGL-3, are unchanged. The B1 senior secured term loan due 2028 and revolving credit facility due 2026 and B3 senior unsecured notes due 2025 and 2029 of Trinseo Materials Operating SCA are also unchanged.

The outlook remains negative.

The agency said the new Ba3 rating reflects the loan’s advantage relative to the other first-lien secured debt at Trinseo due to a guarantee from the subsidiary that holds the equity interest in the Americas Styrenics LLC joint venture and the fact that any proceeds from the sale of that joint venture or Trinseo's equity interest would be used preferentially to reduce debt under the new term loan.

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