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

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

from S&P Credit Research
1765 word report published Jan 23, 2009

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Abstract:

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, 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. According to Ineos' unaudited preliminary information, reported EBITDA was negative €705 million for fourth-quarter 2008. Even adjusted for the one-time items, such as the inventory holding loss of about €1,005 million due to much lower

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RESEARCH Ratings Definitions Research Update: 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:

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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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 ...
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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 ...
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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 ...

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