Ineos Group Affirmed At 'B-' And Off Watch Neg On Successful Covenant Waivers; Outlook Neg - 2008/12/11 - S&P Credit Research

Report title: Ineos Group Affirmed At 'B-' And Off Watch Neg On Successful Covenant Waivers; Outlook Neg

from S&P Credit Research
735 word report published Dec 11, 2008

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Abstract:

PARIS (Standard&Poor's) Dec. 11, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'B-' long-term corporate credit ratings on U.K.-based chemical group Ineos (which includes Ineos Group Holdings PLC, Ineos Holdings Ltd., Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd., all rated the same). The outlook is negative. At the same time, we removed all ratings from CreditWatch, where they were placed with negative implication on Nov. 18, 2008, following Ineos' waiver request tied to its senior debt covenants. The recovery ratings on the debt are unchanged. The CreditWatch removal reflects the success of Ineos' covenant waiver request for fourth-quarter 2008 and first-quarter 2009. "However, this provides only short-term relief for the company and Ineos will

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RESEARCH Ratings Definitions Ineos Group Affirmed At 'B-' And Off Watch Neg On Successful Covenant Waivers; Outlook Neg Publication date: 11-Dec-2008 Primary Credit Analyst: Lucas Sevenin, Paris (33) 1-4420-6661; lucas_sevenin@standardandpoors.com...

Report Type:

Ratings Action

Ticker:

6623Z@LN

Issuer:

Ineos Group Holdings PLC

GICS:

Commodity Chemicals (15101010)

Sector:

Chemicals, Corporations, Global Issuers

Country:

United Kingdom

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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