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Industry Report Card: High Commodity Prices Hamper Credit Improvement In Taiwan's Non-Tech Sector Jun 11 Product Image

Industry Report Card: High Commodity Prices Hamper Credit Improvement In Taiwan's Non-Tech Sector Jun 11

  • ID: 1856532
  • June 2011
  • Region: Taiwan
  • Standard & Poors

FEATURED COMPANIES

  • Asia Cement Corp.
  • Chunghwa Telecom Co. Ltd.
  • Fortune Motors Co. Ltd.
  • Huga Optotech Inc.
  • Nan Ya Plastics Corp.
  • Sintronic Technology Inc.
  • MORE

Abstract
Recent growth in demand for non-tech products and services support a stable outlook on Taiwan's non-tech sector over the next two quarters. However, Standard & Poor's Ratings Services believes that high and rising commodity and fuel costs are straining momentum behind the recent improvement in non-tech players' credit profiles. Most non-tech companies that we rate in Taiwan have maintained adequate and improving credit metrics over the past two quarters. Companies achieved this by deleveraging through operating cash flow and cutbacks on capital expenditures in recent quarters. We expect continued economic growth, particularly in China, to support increased demand for chemicals, building materials, and air and maritime transportation over the next few quarters. In addition, the surging popularity of smart phones...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- China Steel Corp.
- Taiwan Power Co.
- Chunghwa Telecom Co. Ltd.
- Taiwan Mobile Co. Ltd.
- Far EasTone Telecommunications Co. Ltd.
- Hon Hai Precision Industry Co. Ltd.
- United Microelectronics Corp.
- Ritek Corp.
- Siliconware Precision Industries Co. Ltd.
- Yang Ming Marine Transport Corp.
- Compal Electronics Inc.
- Taiwan Semiconductor Manufacturing Co. Ltd.
- CMC Magnetics Corp. (Unsolicited Ratings)
- China Airlines Ltd.
- Formosa Chemicals & Fibre Corp.
- Formosa Plastics Corp.
- Fortune Motors Co. Ltd.
- Nan Ya Plastics Corp.
- Taiwan Sugar Corp.
- Unimicron Technology Corp.
- Qisda Corp.
- Macronix International Co. Ltd.
- Mai-Liao Power Corp.
- Wan Hai Lines Ltd.
- HannStar Display Corp.
- Chi Mei Optoelectronics Corp.
- Chi Mei Corp.
- Cathay Real Estate Development Co. Ltd.
- Pan Ram International Corp.
- Nanya Technology Corp.
- KWorld Computer Co. Ltd.
- Asia Cement Corp.
- Ho-Ping Power Co.
- Everlight Electronics Co. Ltd.
- Carplus Auto Leasing Corp.
- Yuan Ding Investment Corp.
- Inotera Memories Inc.
- Far Eastern New Century Corp.
- Hotai Leasing Corp.
- Sintronic Technology Inc.
- Huga Optotech Inc.
- Uni-President Enterprises Corp.
- Solar Applied Materials Technology Corp.
- Dragon Steel Corp.
- USI Corp.

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