S&P rates Ineos notes B-

Standard & Poor's assigned a B- rating to the proposed eight-year €160 million senior unsecured notes to be issued by Ineos Vinyls Finance plc and guaranteed by EVC International NV. The outlook is stable.

EVC's ratings are primarily constrained by the group's exposure to the highly cyclical PVC market, its historically poor profitability and free cash flow generation and its currently weak financial profile.

The ratings are supported by the group's leading market position as the largest European producer of PVC and by management's good track record in improving the operating efficiency of chemicals businesses, S&P added.

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