Ineos Group Ratings Cut To 'CCC' On Weak Market Conditions; Outlook Negative - 2009/01/23 - S&P Credit Research

Report title: Ineos Group Ratings Cut To 'CCC' On Weak Market Conditions; Outlook Negative

from S&P Credit Research
804 word report published Jan 23, 2009

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Abstract:

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 Ltd., Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd. The outlook is negative. "This reflects the unprecedented weak market conditions for petrochemical companies in the fourth quarter of 2008 and the weak outlook for 2009, which could result in severe liquidity pressure for Ineos as a result of its highly leveraged financial structure," said Standard&Poor's credit analyst Lucas Sevenin. According to Ineos' unaudited preliminary information, reported EBITDA was negative €705 million for fourth-quarter 2008. Even adjusted for the one-time items, such

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RESEARCH Ratings Definitions Ineos Group Ratings Cut To '###' On Weak Market Conditions; Outlook Negative Publication date: 23-Jan-2009 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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