Following the successful reset of banking covenants on July 15th, Standard & Poors and Moody’s have raised their long-term view for INEOS Group.
S&P upgraded the corporate credit rating for the Group by one notch to CCC+, to reflect the support received by INEOS in its 5-year plan and ongoing financial structure. The improved rating also takes into account the very low likelihood that INEOS will need to undertake a debt restructuring in the short term and that short-term liquidity has improved.
Moody’s has also upgraded its position on INEOS, which has moved from 'negative' outlook to 'stable'. The agency has also improved its “probability of default” rating and the rating on the company’s senior notes.
As part of its covenant re-set, the INEOS business plan has been reviewed in great detail and ‘stress-tested’ by banks and their advisors. Based on realistic assumptions, it reflects the continuing macro-economic environment.
INEOS came into the economic downturn with operations that were prepared for normal bottom-of-the-cycle conditions and the fact that it remains profitable and cash generative bears testament to its resilience.
For further information contact:
Richard Longden – INEOS - Tel: +44 (0) 7710 371998
INEOS Group Credit ratings upgraded by Standard & Poors and Moody’s
