Ineos Cut Deeper Into Junk by S&P, Recovery Not Seen Before 2028

Chemicals giant Ineos had its credit score cut by S&P Global Ratings, which said a sustained recovery for the business owned by UK billionaire Jim Ratcliffe won’t come before 2028.

The ratings firm lowered Ineos Group Holdings one rung to B+, four levels below investment grade, while cutting Ineos Quattro Holdings two steps to B, according to a report on Thursday. S&P kept a negative outlook on the group, meaning further downgrades are possible.