Fitch places Ineos on negative watch

Fitch Ratings said it placed Ineos Enterprises Holdings Ltd.'s BB- long-term issuer default rating on rating watch negative. The agency also placed Ineos Enterprises Holdings II Ltd.'s euro term loan B and Ineos Enterprises Holdings US Finco LLC's U.S. dollar term loan senior secured ratings of BB+ on RWN. The recovery ratings are RR2.

“The RWN follows IE's agreement to acquire MBCC Group's admixture business from Sika AG and it reflects uncertainty around IE's post-acquisition leverage metrics,” the agency said in a statement.

Fitch said it aims to resolve the RWN upon confirmation of an updated business plan, final financing arrangements and IE's financial policy.

“We will also consider whether the larger business warrants a reassessment of the rating sensitivities compared with the rated peer group. The resolution of the RWN may take longer than six months,” the agency said.

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