S&P acts on Ineos companies

S&P said it affirmed its ratings on three petrochemical companies owned by Ineos Ltd. (the Ineos group) with a negative outlook. The agency removed the ratings from CreditWatch and also revised the CreditWatch implications for another group company.

“These actions follow Ineos Quattro Holdings Ltd.’s (Ineos Quattro; formerly known as Ineos Styrolution) acquisition of BP’s aromatics and acetyls business, and acquisition of Inovyn Ltd., a PVC producer that is part of the Ineos group,” S&P said in a press release.

S&P affirmed the BB long-term issuer credit rating on Ineos Quattro, and the BB+ issue rating on the company’s instruments. The agency also assigned Ineos Quattro’s senior secured debt instruments BB+ ratings and removed the ratings from CreditWatch with negative implications.

“The negative outlook on Ineos Quattro reflects the likelihood of a downgrade if our view of the credit quality of the wider Ineos group worsened. This takes into account recent debt-funded acquisitions, combined with bottom-of-the-cycle conditions in 2020, resulting in our view of elevated leverage at the group level,” S&P said.

The agency revised the CreditWatch on Inovyn Ltd. to positive from negative and affirmed its BB ratings on Ineos Group Holdings SA, and Ineos Enterprises Holdings Ltd.

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