Bulletin: Formosa Plastics Group Ratings Are Not Immediately Affected By A Fire At Its Petrochemical Complex May 11
- ID: 1786655
- May 2011
- Standard & Poors
TAIPEI (Standard & Poor's) May 13, 2011--Standard & Poor's Ratings Services said today that its ratings on the four core companies of the Formosa Plastics group are not immediately affected by a fire at the group's petrochemical complex. Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals & Fibre Corp., and Formosa Petrochemical Corp. are all rated 'BBB+' with stable outlooks and 'cnA+' Greater China credit scale ratings. None of the group's manufacturing facilities was damaged by a fire at a utility unit on May 12, 2011; but for safety reasons the group shut down several factories including a naphtha cracker located close to the fire. It is still too early to estimate the revenue losses from the factory closures....
Companies mentioned in this report are:
- Formosa Plastics Corp.
- Formosa Chemicals & Fibre Corp.
- Formosa Petrochemical Corp.
- Nan Ya Plastics Corp.
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