DBRS Confirms Rating on the Trade Receivables Loan Facility Issued by Ineos Finance (Ireland) Limited

DBRS, Inc. (DBRS) confirmed the AA (sf) rating on the Trade Receivables Loan Facility related to Ineos Finance (Ireland) Limited. The trade receivables transaction is administered by Citibank, N.A. (rated A (high) with a Positive trend by DBRS). The rating addresses the timely payment of interest and the ultimate payment of principal. The confirmation of the rating reflects the ongoing performance of the trade receivables transaction and a review of the Deed of the Amendment and Restatement, dated as of December 14, 2015 (and further amended as of December 13, 2017), and the Common Terms Agreement, dated as of December 14, 2015.

The rating addresses the timely payment of interest and ultimate payment of principal. The rationale for the confirmation of the rating reflects the ongoing performance of the trade receivables transaction and the dynamic nature of the reserves, which adjust relative to the performance of the underlying receivables.

DBRS notes that the above press release was amended on March 8, 2019, to correct the disclosure notes. The amendment was minor and would not impact the understanding of the reader.

Notes:
The principal methodology is Trade Receivables, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This rating is endorsed by DBRS Ratings Limited for use in the European Union. The following additional regulatory disclosures apply to endorsed ratings:

The last rating action on this transaction took place on January 25, 2018, when it was confirmed at the present rating.

For further information on DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Lead Analyst: Matthew La Capra, Senior Vice President
Rating Committee Chair: Jerry van Koolbergen, Managing Director
Initial Rating Date: November 3, 2010

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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