-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessFitch downgrades Ineos to BB from BB+, S&P Affirms at BB On New Borrowing
New Profile: Ba2[N]/BB[N][BB[S]
- Ineos yesterday announced plans to raise ~€2bn via TLBs and other senior secured debt to refinance existing debt and fund acquisitions (LyondellBasell/TotalEnergies assets) amongst other uses.
- Fitch expect net EBITDA leverage of 5.9x for 2023, peaking at 6.8x in 2024 driven by the weak chemical markets, acquisitions, and large capex before returning <4x in 2026.
- ST liquidity is considered robust with €2.1bn in unrestricted cash as 9M23 versus €2bn of maturities in the next year (Q4 figures as of Friday: €1.7bn cash, €0.5bn WCF).
- Fitch note governance concerns due to lack of independent directors and limited transparency mitigated by strong systemic governance and financial policies adherence.
- S&P-adjusted ND/EBOTDA seen at 5.5x-6.0x for 2023 and 2024, including lease obligations and underfunded employee postretirement benefits.
- Upgrades hinge on sustained leverage reduction (<3x for Fitch, improved wider credit quality for S&P), enhanced corporate governance, and market segment recover.
- Downgrades could result from leverage metrics exceeding thresholds (>4x beyond 2025 for Fitch), deteriorated business profile, or aggressive debt-funded acquisitions.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.