Abstract: The ratings on U.K.-based chemicals group, Ineos (including Ineos Group Holdings PLC, Ineos Holdings Ltd., Ineos Vinyls Finance PLC, and Ineos Vinyls Ltd.) reflect the group's weak cash flow coverage; cyclical markets; and free operating cash flow (FOCF) that is vulnerable to potentially higher capital expenditures, restructuring costs, or lower-than-anticipated savings or profit generation. These factors are partially offset by adequate geographic diversification, management's track record in acquiring and boosting assets, and favorable cycles likely to continue in the medium term. Ineos is one of the world's biggest chemical companies, with 2007 estimated sales of about €27 billion. The group's financial profile remains the primary rating constraint. At end-September 2007, adjusted debt was high, at about €8.9 billion, resulting in

Brief Excerpt: RESEARCH Ratings Definitions Summary: Ineos Group Holdings PLC Publication date: 05-Mar-2008 Primary Credit Analyst: Lucas Sevenin, Paris (33) 1-4420-6661; lucas_sevenin@standardandpoors.com Secondary Credit Analyst: Tobias Mock,...

Report Type: Summary
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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