Fitch rates Ineos Enterprises BB-

Fitch Ratings said it published Ineos Enterprises Holdings Ltd.'s first-time long-term issuer default rating of BB-.

Fitch also published Ineos Enterprises Holdings II Ltd.'s euro term loan B and Ineos Enterprises Holdings US Finco LLC's U.S. dollar term loan senior secured ratings of BB+ with RR2 recovery ratings.

“The IDR of IE is constrained by its moderate scale and margins, as well as a complex group structure as the company is part of a wider Ineos Ltd., whose high M&A appetite translates into a risk of dividends being up-streamed from IE. This risk is, however, mitigated by the group's record of adherence to financial policies and leverage targets, and capped by limitations of existing loan documentation,” Fitch said in a press release.

However, the agency noted IE's healthy performance and cost savings throughout a difficult 2020 aided by the company's end-market diversification lead it to forecast further credit metric improvement.

The outlook is stable.

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