Sir Jim Ratcliffe is encountering serious financial difficulties with his chemicals empire, Ineos Group, as its debt is expected to reach nearly £12 billion this year. Credit agencies Fitch and Moody's have downgraded the company's outlook to negative, citing debts five to six times its annual earnings, exacerbated by weak performance in the European chemical sector. The challenges have forced Ratcliffe to make concerning decisions, including redundancies at Manchester United and cutbacks on sponsorship for the All Blacks rugby team, amid a backdrop of operational uncertainty due to rising energy costs and deindustrialization in Europe.
The situation at Ineos is increasingly precarious, as debt levels soar while the company's ability to generate earnings faces serious challenges, leading to concerns about sustainability.
Fitch and Moody's raised alarms over Ratcliffe’s businesses, indicating debt levels that could prevent recovery for an extended period, amid unfavorable market conditions.
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