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
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