Formosa Plastics Corp. Dec 09

Standard & Poors, December 2009

Abstract
Highly-integrated group production facilities with significant economies of scale The FP group's strong market position in the petrochemical industry The FP group's number two position in the domestic refinery and marketing sector The FP group's satisfactory cash flow protection measures Exposure to volatile pricing movement in the petrochemical and oil refining businesses The FP group's DRAM business investments Asset concentration on one production site The ratings on Formosa Plastics Corp. (FPC) reflect the company's status as a core member of the Formosa Plastics group (the FP group). When analyzing the credit quality of the four core members--FPC, Nan Ya Plastics Corp. (NPC), Formosa Chemicals & Fibre Corp. (FCFC), and Formosa Petrochemical Corp. (FPCC)--Standard & Poor's Ratings Services views the individual...

Companies mentioned in this report are: Formosa Plastics Corp.,Taiwan (Republic of China) (Unsolicited Ratings),Formosa Chemicals & Fibre Corp.,Formosa Petrochemical Corp.,Nan Ya Plastics Corp.,Nan Ya Printed Circuit Board Corp.,Mai-Liao Power Corp.,Nanya Technology Corp.,Inotera Memories Inc.
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 Plastics Corp.,Taiwan (Republic of China) (Unsolicited Ratings),Formosa Chemicals & Fibre Corp.,Formosa Petrochemical Corp.,Nan Ya Plastics Corp.,Nan Ya Printed Circuit Board Corp.,Mai-Liao Power Corp.,Nanya Technology Corp.,Inotera Memories Inc.

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