Research Update: Ineos Group Lowered To 'B-' And Placed On Watch Neg Re Weakening Profits And Covenant Issues - 2008/11/18 - S&P Credit Research

Report title: Research Update: Ineos Group Lowered To 'B-' And Placed On Watch Neg Re Weakening Profits And Covenant Issues

from S&P Credit Research
1898 word report published Nov 18, 2008

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Abstract:

On Nov. 18, 2008, Standard&Poor's Ratings Services 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 on the group's debt (see ratings list below). At the same time, we placed all the ratings on CreditWatch with negative implications. Ineos produces various commodity chemicals, operates two refineries, and recorded total sales of about €27 billion in 2007. The rating action reflects the risks linked with the group's ongoing waiver consent solicitation offer tied to its senior debt, to be closed on Dec. 9, 2008, and Ineos' weak and uncertain prospects for 2009

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RESEARCH Ratings Definitions Research Update: 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;...

Report Type:

Research Update

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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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., ...
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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 ...

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