- Language: English
- Published: November 2012
- Region: Global
Summary: PTT Chemical Public Co. Ltd. Jul 07
- ID: 1856541
- July 2007
- Standard & Poors
PTT Chemical Public Co. Ltd. (PTT Chemical) benefits from its 55.2% ownership by state-owned oil and gas conglomerate, PTT Public Co. Ltd. (PTT; foreign currency BBB+/Stable/--; local currency A-/Stable/--), and its significant business integration with the PTT group. The corporate credit ratings on PTT Chemical are constrained by the company's small scale of operations relative to global competitors', the inherent industry risk given the volatility of product prices, and customer concentration. The ratings on PTT Chemical reflect the following strengths: Favorable cost efficiency and operating rate. PTT Chemical's low cash production cost is attributed to its secured feedstock supply through long-term contracts with PTT, extensive pipeline networks, and high utilization rates. The company also benefits from a netback pricing arrangement...
Companies mentioned in this report are: PTT Chemical Public Co. Ltd.,PTT Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR)
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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PTT Chemical Public Co. Ltd.,PTT Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR)