Moody's rates Ineos Holdings loans B1

Moody's Investors Service said it confirmed Ineos Vinyls Finance plc's B3 note rating following Ineos Holdings Ltd.'s acquisition of Ineos Vinyls Group Ltd. and assigned a B1 rating to the ?250 million second-lien facilities of Ineos Holdings.

This concludes the review of Ineos Vinyls Group begun on May 25, and the outlook is stable.

As part of the reorganization within the Ineos Group, Ineos Holdings acquired Ineos Vinyls Group, which had been separately held by common shareholders. As part of the financing structure, the Ineos Vinyls B3 notes are now guaranteed by Ineos Group Holdings plc, the immediate parent entity of Ineos Holdings, and the legacy ?124.2 million senior facilities at EVC International NV have been refinanced with an inter-company loan.

Moody's said the guaranteed notes at Ineos Vinyls Finance, however, are subordinated to the inter-company loan and remain in a weaker position vis-a-vis the existing B2 rated notes at Ineos Group Holdings plc given the existing security structure available to those holders.

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