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Bond Market News
INEOS Downgraded to B2 by Moody’s
December 11, 2025
INEOS Group has been downgraded by a notch to B2 from B1 by Moody’s. The downgrade reflects weaker than expected deterioration in INEOS’ operating performance, with its 3Q2025 revenue down 20% and EBITDA down 55% YoY. The company’s leverage has surged with gross debt-to-EBITDA now at 13.5x. INEOS continues to face severe industry headwinds, for instance global petrochemicals overcapacity, soft demand, and very high energy and regulatory costs in Europe. INEOS is cutting costs, reducing capex, optimizing working capital, and closing or mothballing limited assets, but demand visibility remains very weak, Moody’s noted. Despite its pressures, INEOS retains adequate liquidity, substantial cash balances, and no significant maturities until 2028, Moody’s added. Its rating continues to be supported by its large scale, top-tier positions in commodity chemicals, vertical integration, and well-invested assets. However, risks remain elevated due to the industry’s cyclical downturn, large capital requirements (including Project One), and a history of sizable shareholder distributions.
Its 7.5% 2029s traded stable at 90 cents on the dollar, yielding 11.2%.
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