Chemicals giant Ineos suffered a credit score downgrade from S&P Global Ratings, with the agency stating sustained business recovery won't occur before 2028. This marks a significant setback for the UK billionaire Jim Ratcliffe's company, which faces mounting pressure in volatile markets. The downgrade reflects persistent challenges in the chemicals sector, including overcapacity and weak demand, that have plagued Ineos for years. S&P Global Ratings explicitly linked the poor outlook to 2028 as the earliest possible turnaround point, indicating investors should prepare for continued financial strain.