Moody’s alters Ineos outlook to negative

Moody’s said it altered its outlook for Ineos Group Holdings SA, Ineos Finance plc and Ineos US Finance LLC to negative from stable and affirmed its Ba2 ratings on the issuers and their loans and notes.

The weaker outlook and affirmations reflect Ineos' weak performance in the first half of 2023 coupled with expected recovery delayed to 2024 resulting in a weakened credit profile likely continuing for longer than previously expected, the agency said.

Ineos' leverage reached 5.6x for the 12 months ending June from more than 3.3x in 2022 Moody's said it forecasts the company's leverage to be at about 6x in 2023 and to reduce thereafter.

“The negative outlook also considers the sudden revocation of the permit for construction of Project One, a €4 billion cracker development project in Belgium where Ineos commenced construction earlier in the year. The permit was revoked following an unexpected court ruling which the company is presently appealing; however, neither the outcome nor the timing of this issue is currently clear,” Moody’s said in a statement.

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