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Thailand's IRPC Public Co. Ltd. Assigned 'BBB-' Rating; Outlook Stable May 07
Standard & Poors, May 2007
SINGAPORE (Standard & Poor's) May 15, 2007--Standard & Poor's Ratings Services today assigned its 'BBB-' corporate credit rating to IRPC Public Co. Ltd. (IRPC), an integrated petroleum refining and petrochemical manufacturer based in Thailand. The outlook is stable. IRPC is currently in the process of finalizing a bond issue. "The rating reflects IRPC's small scale of operation with single-site risk, large capital expenditure with moderate increase in production capacity due to the focus on cost reduction and yield enhancement, and aggressive financial risk profile," said Standard & Poor's credit analyst Wee Lee Cheng. "Nevertheless, the rating benefits from ownership by and strategic importance to PTT, the Government Pension Funds, the Government Savings Bank, and Vayupak Fund 1, and the cost...
Companies mentioned in this report are: IRPC Public Co. Ltd.
Action: New Rating
Action: Outlook: Stable
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.
IRPC Public Co. Ltd.