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Bulletin: Formosa Plastics Group Ratings Are Not Affected By The Regulatory Closure Of Several Plants May 11
Standard & Poors, May 2011
Abstract
TAIPEI (Standard & Poor's) May 31, 2011--Standard & Poor's Ratings Services said today that its ratings on the four core companies of the Formosa Plastics group are not affected by the regulatory closure of several plants 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. We expect the group's large and diverse business scope to largely absorb the impact of the closure for a safety inspection following a fire on May 12, 2011. The group estimates the closure will result in daily losses of Taiwan dollar (NT$) 34.4 million. The four core companies generated...
Companies mentioned in this report are: Formosa Plastics Corp.,Formosa Chemicals & Fibre Corp.,Formosa Petrochemical Corp.,Nan Ya Plastics Corp.
Action: Bulletin
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.
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