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S&P Credit Research965 word report
published Nov 18, 2008
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S&P Credit Research
| Abstract: | PARIS (Standard&Poor's) Nov. 18, 2008--Standard&Poor's Ratings Services said today it lowered its long-term corporate credit ratings to 'B-' from 'B+' on U.K.-based Ineos, which includes Ineos Group Holdings PLC, Ineos Holdings Ltd., Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd. We also lowered the issue ratings as follows: -- To 'B' from'BB-' on the senior secured facilities issued by Ineos Holdings Ltd. The recovery rating on these facilities remains at '2', indicating our expectation of substantial (70%-90%) recovery for senior secured lenders in the event of a payment default. -- To 'CCC' from 'B-' on Ineos Holding Ltd.'s second-lien bank loan. The '6' recovery rating on this loan remains unchanged, indicating our expectation of negligible (0%-10%)
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| Brief Excerpt: | RESEARCH Ratings Definitions Ineos Group Lowered To 'B-' And Placed On Watch Neg Re Weakening Profits And Covenant Issues Publication date: 18-Nov-2008 Primary Credit Analyst: Lucas Sevenin, Paris (33) 1-4420-6661; lucas_sevenin@standardandpoors.com...
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| Report Type: | Ratings Action
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| Ticker: | 6623Z@LN
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| Issuer: | Ineos Group Holdings PLC
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| GICS: | Commodity Chemicals (15101010)
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| Sector: | Chemicals, Corporations, Global Issuers
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| Country: | United Kingdom
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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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.
Also from S&P Credit Research
- Ineos Group Upgraded To 'CCC+' On Successful Covenant Reset; Outlook Negative $100.00
U.K.-based Ineos Group successfully reset covenants on July 15, 2009, reducing the likelihood of debt restructuring in the short term. We are raising our long-term corporate credit rating on Ineos from 'CCC' to 'CCC+'. Covenant compliance, ...
- Research Update: Ineos Group Upgraded To 'CCC+' On Successful Covenant Reset; Outlook Negative $175.00
U.K.-based Ineos Group successfully reset covenants on July 15, 2009, reducing the likelihood of debt restructuring in the short term. We are raising our long-term corporate credit rating on Ineos from 'CCC' to 'CCC+'. Covenant compliance, ...
- Ineos Group Holdings PLC $400.00
Fair cash levels for the rating Restructuring efforts Product and geographic diversity Covenant compliance concerns and limited deleveraging capabilities Highly leveraged financials, with weak cash flow protection and very high debt Significant ...
- Summary: Ineos Group Holdings PLC $175.00
The ratings on U.K.-based chemicals group Ineos (includes Ineos Group Holdings PLC, Ineos Holdings Ltd., Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd., all rated CCC/Negative/--) reflect the material and short-term liquidity pressures the ...
- Ineos Group Ratings Cut To 'CCC' On Weak Market Conditions; Outlook Negative $100.00
PARIS (Standard&Poor's) Jan. 23, 2009--Standard&Poor's Ratings Services said today it lowered to 'CCC' from 'B-' its long-term corporate credit rating on U.K.-based chemical group Ineos, which includes Ineos Group Holdings PLC, Ineos Holdings ...
- Research Update: Ineos Group Ratings Cut To 'CCC' On Weak Market Conditions; Outlook Negative $175.00
On Jan. 23, 2009, Standard&Poor's Ratings Services lowered to 'CCC' from 'B-' its long-term corporate credit rating on U.K.-based chemical group Ineos, which includes Ineos Group Holdings PLC, Ineos Holdings Ltd., Ineos Vinyls Finance PLC, ...
- Ineos Group Affirmed At 'B-' And Off Watch Neg On Successful Covenant Waivers; Outlook Neg $100.00
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., ...
- Research Update: Ineos Group Affirmed At 'B-' And Off Watch Neg On Successful Covenant Waivers; Outlook Neg $175.00
On Dec. 11, 2008, Standard&Poor's Ratings Services 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 ...
