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PTT Chemical Public Co. Ltd. Oct 09
Standard & Poors, October 2009
Favorable cost efficiency Strong market position Significant business integration with parent Inherent industry risk and product-price volatility Challenging outlook for the petrochemical industry Substantial capital expenditure (capex) plan and significant financial-risk profile The ratings on PTT Chemical Public Co. Ltd. (PTT Chem) reflect the following strengths: Favorable cost efficiency. This is attributed to PTT Chem's secured feedstock supply through long-term contracts with PTT Public Co. Ltd. (PTT; foreign currency BBB+/Negative/--; local currency BBB+/Negative/--) and extensive pipeline networks. The company also benefits from a netback pricing arrangement with PTT. Strong market position. PTT Chem is the largest olefins producer in Thailand. Although the outlook for the industry is challenging given increased capacity from China and the Middle East, we believe PTT...
Companies mentioned in this report are: PTT Chemical Public Co. Ltd.,Thailand (Kingdom of),PTT Exploration and Production Public Co. Ltd.,PTT Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR)
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 Chemical Public Co. Ltd.,Thailand (Kingdom of),PTT Exploration and Production Public Co. Ltd.,PTT Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR)