Fitch rates Ineos Quattro notes BB-, BB+

Fitch Ratings said it rated Ineos Quattro Finance 1 plc’s proposed €1 billion equivalent 2026 senior notes an expected senior unsecured rating of BB- and Ineos Quattro Finance 2 plc’s planned €1 billion equivalent 2026 senior secured notes an expected senior secured rating of BB+. The notes will be denominated in dollars and euros. The recovery ratings are RR5 for senior unsecured debt and RR2 for senior secured debt.

The secured notes will be guaranteed by Ineos Quattro Holdings Ltd. and other group subsidiaries on a senior secured basis, sharing collateral with the existing term loans, notes and the proposed TLB launched on Monday. The senior secured rating reflects the security package and is one notch above Ineos Quattro Holdings’ issuer default rating, Fitch said.

The proceeds, along with the amounts borrowed under the new term loan B being marketed by Ineos 226 Ltd. and Ineos US Petrochem LLC, will mainly be used to repay the bridge facility and Inovyn’s TLB, and the $1 billion deferred contribution incurred by the acquisition of acetyls and aromatics assets closed on Dec. 31.

Fitch also affirmed the existing instrument ratings.

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