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Gemini HDPE LLC -- Moody's downgrades Gemini HDPE's senior secured debt to Ba3, outlook negative

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Moody's Investors Service, ("Moody's") downgraded the rating on Gemini HDPE, LLC's outstanding $368 million senior secured term loan to Ba3 from Ba2. Gemini HDPE's rating downgrade to Ba3 reflects the credit deterioration of its joint venture owner/offtakers, including Sasol Financing (Pty)(NR), a direct subsidiary of Sasol Limited (Sasol, Ba2 RUR-Down) and INEOS Group Holdings S.A.'s (INEOS:Ba3 negative). Offtaker credit quality is a key driver of Gemini's credit assessment because INEOS and Sasol Financing wrap operational and market risk under its Tolling Agreements on a several but not joint basis.