S&P cuts Ineos to stable

Standard & Poor's said it revised its outlook on Ineos Group Holdings SA and Ineos' U.K. subsidiary Ineos Holdings Ltd. to stable from positive.

At the same time, the agency said it affirmed the B- long-term corporate credit rating on Ineos.

S&P said the rating actions stem from its view that Ineos' EBITDA would have fallen in the fourth quarter of 2011 and will likely remain under pressure in 2012. This is in view of the worsened economic outlook in Europe, with a modest recession forecast for the first half of the year; sharply declined naphta-cracker margins; and increased pressure on intermediate chemical margins over the past several months, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.