Moody's upgrades Ineos, rates notes B3

Moody's Investors Service said it upgraded Ineos Group Holdings SA's corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

Concurrently, the agency upgraded the ratings on Ineos' and its subsidiaries' debt instruments that remain outstanding by one notch and assigned a provisional B3 rating to the proposed €1.03 billion unsecured notes, issued by Ineos Group, maturing in 2019.

The outlook was revised to stable from positive.

"The upgrade reflects Ineos' resilient performance in 2013 and Moody's expectations that continued strong operating performance in its North American operations, as well as higher utilization at its European operations in 2014, will lead to improving credit metrics, and continued strong liquidity evidenced, in part, by the lack of sizeable near term debt maturities until 2018," Moody's analyst Douglas Crawford said in a news release.

Ineos will use the proceeds of the proposed new unsecured notes to redeem the outstanding senior notes maturing in 2016 (now rated B3).

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