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Presale: The Aromatics (Thailand) Public Co. Ltd Jun 05
Standard & Poors, June 2005
On June 20, 2005, Standard & Poor's Ratings Services assigned its 'BBB' issue rating to the proposed 10-year US$300 million senior unsecured bond to be issued by The Aromatics (Thailand) Public Co. Ltd. (ATC). Favorable cost efficiency and high capacity utilization rate. Adequate financial profile through debt reduction and moderate capital expenditure. Strong domestic market position and favorable industry prospect. Strategic ownership by and integration with PTT. Inherent industry risk and price volatility of products and feedstock. Small-scale operations and single site risk. Heavy reliance on PTT for feedstock and sales. The 'BBB' rating on ATC reflects its favorable cost efficiency, high capacity utilization rate, its strong domestic market position, favorable industry prospects, adequate financial profile, and its 46% ownership...
Companies mentioned in this report are: PTT Aromatics and Refining Public Co. Ltd. (PTTAR),PTT Exploration and Production Public Co. Ltd.,PTT Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Chemical Public Co. Ltd.
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
PTT Aromatics and Refining Public Co. Ltd. (PTTAR),PTT Exploration and Production Public Co. Ltd.,PTT Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Chemical Public Co. Ltd.