Updated: Agencies under fire for Ineos downgrade

Standard & Poor’s decision to downgrade UK chemicals group Ineos on Friday — followed by a similar move from Moody’s today — met with criticism from some investors who said that problems at the firm are being resolved. S&P had cut the rating to triple-C from B-, blaming very weak market conditions for petrochemicals companies in the fourth quarter of last year and the poor outlook for 2009, as well as the potential debt restructuring that the company faces.