| Abstract: | 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 group is facing, combined with high leverage amid operating trends that Standard&Poor's Ratings Services expects to remain challenging in 2009 and 2010 at least. We view Ineos' business profile as weak, owing to material profit cyclicality, commoditization, fixed costs, capital intensity, and competition. Market conditions became very challenging at the end of 2008, and we expect broadly difficult operating trends in 2009 and 2010 at least. In the last quarter of 2008, EBITDA significantly declined year on year to €300 million, on a replacement
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