Moody's may cut Ineos Vinyls

Moody's Investors Service said it placed all ratings of Ineos Vinyls under review for possible downgrade.

Affected ratings include the B1 corporate family rating of EVC International NV, B1 rating on senior secured bank facilities at EVC International NV and B3 rating on €160 million in senior notes due 2011 at Ineos Vinyls Finance plc.

Moody's said its rating review was prompted by Ineos Vinyls' financial and operating performance, which remains consistently below rating agency expectations, raising concern with regard to the company's ability to reduce its debt in the future, while maintaining a satisfactory liquidity position, which is currently supported with €50 million available under the shareholder's loan.

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