Ineos battles uphill after downgrades
Ineos, the UK chemicals group, sent a waiver request on Monday, the first part of a two-stage process that will likely see it ask investors for covenant resets in April. But lenders’ unease with the credit was heightened this week as the rating agencies downgraded the firm after poor third quarter results. Ineos’ euro ‘B’ and ‘C’ pieces fell to about 48/51 yesterday, down about five points from Friday.
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