Credit facilities of INEOS ABS (India) for Rs 3.40 crore rating agency, CARE has revised the assigned ‘AA’ rating to ‘AA+’ to the long-term bank. The agency has also revised the assigned ‘AA/A1+’ rating to ‘AA+/A1+’ to the long-term/short-term bank facilities of the company for Rs 151.00 crore.
INEOS ABS (India) ability to sustain its profitability margins in light of the volatility in its raw material prices, foreign exchange fluctuation and increased imports from South East Asian countries would remain the key rating sensitivities.
INEOS ABS (India) was originally incorporated as ‘ABS Plastics’ to manufacture thermo plastic polymers. In 2008, it became a part of the Ineos Group which is currently one of the largest petrochemical companies in the world in terms of sales. It is a leader in the Indian ABS and SAN market catering to around 50% and 70% of the total domestic demand of ABS and SAN respectively. ABS and SAN are versatile engineering thermoplastic material.