Standard & Poor’s Ratings Services said on 12th January that its rating on UK based chemical and refining company Ineos Group Holdings Plc is unchanged, despite the positive credit impact of Ineos’ announced refinery joint venture with PetroChina.
Standard & Poor understand from management that the transaction will include material undisclosed disposal proceeds for the sale by Ineos of its 50% stake in the Grangemouth and Lavera refineries. Standard & Poor also expect that Ineos is likely to deconsolidate the joint venture. Ineos expects the transaction to be completed by end June 2011, and believe that Ineos will use the proceeds for debt reduction. Ineos’ credit metrics should therefore slightly strengthen.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/13012011/news_from_ineos/