S&P Downgrades Outlook for Ineos

Standard & Poor’s (S&P) has revised its outlook for Ineos from “stable” to “negative.” The revision “reflects increased risks and profit pressures, given less favorable chemical cycles in many segments, high feedstock and energy prices, a potentially insufficiently deleveraged balance sheet, and tight covenant leeway and liquidity in 2009,” says S&P credit analyst Lucas Sevenin. S&P expects Ineos to generate weaker profit and cash flow, particularly next year, “as petrochemical down-cycle pressures...

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