Formosa Petrochemical Corp. Aug 07
Standard & Poors, August 2007
Abstract
Low cost structure and high operating efficiency. Good market position. Highly integrated production with the Formosa Plastics group. Intermediate financial profile. Highly competitive, capital intensive, and cyclical nature of the oil refining industry. Asset concentration. The rating on Formosa Petrochemical Corp. (Formosa Petrochemical) reflects the company's status as the second-largest operator in Taiwan's oil and marketing duopoly, as well as its low cost structure, high operating efficiency, and intermediate financial profile. These strengths are counterbalanced by the highly cyclical, competitive, and capital intensive nature of the oil refining industry, and Formosa Petrochemical's asset concentration given that its major facilities are located on one site along with those of other core members of the Formosa Plastics group. Formosa Petrochemical is Taiwan's...
Companies mentioned in this report are: Formosa Petrochemical Corp.,Formosa Chemicals & Fibre Corp.,Formosa Plastics Corp.,Nan Ya Plastics Corp.
Action: Review
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: Full Analysis
Formosa Petrochemical Corp.,Formosa Chemicals & Fibre Corp.,Formosa Plastics Corp.,Nan Ya Plastics Corp.
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