Nan Ya Plastics (Hong Kong) Corp. Ltd.'s Proposed US$400 Million Floating Rate Notes Due 2015 Rated 'BBB+' Oct 10
- ID: 1771454
- October 2010
- Region: Hong Kong
- Standard & Poors
TAIPEI (Standard & Poor's) Oct. 18, 2010--Standard & Poor's Ratings Services today assigned its 'BBB+' issue rating to Nan Ya Plastics (Hong Kong) Corp. Ltd.'s proposed US$400 million floating rate notes due 2015. The notes are unconditionally and irrevocably guaranteed by Taiwan-based Nan Ya Plastics Corp. (NPC, BBB+/Stable/--), which owns 99.99% of the issuer. The proceeds from the proposed notes will mainly be used for refinancing purposes. The rating on the notes is subject to finalization of documentation. "The rating on NPC reflects the company's status as a core member of the Formosa Plastics Corp. (BBB+/Stable/--) group, which has a strong market position in the petrochemical industry and number two position in Taiwan's duopoly oil refinery and marketing sector," said...
Companies mentioned in this report are:
- Nan Ya Plastics (Hong Kong) Corp. Ltd.
- Formosa Plastics Corp.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.