Research Update: IRPC Public Co. Ltd. Outlook Revised To Stable On Steady Financial Risk Profile; 'BBB-' Rating Affirmed Aug 10
Standard & Poors, August 2010
Abstract
We expect IRPC to maintain its credit protection ratios at a level commensurate with the current rating despite the weak outlook for refining and petrochemical margins. IRPC's intermediate capital structure, adequate liquidity, and ability to defer capital expenditure provide some cushion against the weak operating environment. We revised the rating outlook on IRPC to stable from negative to reflect our opinion that IRPC will maintain its financial risk profile. We affirmed the 'BBB-' long-term corporate credit rating on IRPC and the 'BBB-' issue rating on the company's notes. On Aug. 23, 2010, Standard & Poor's Ratings Services affirmed its 'BBB-' long-term corporate credit rating on IRPC Public Co. Ltd. The outlook was revised to stable from negative. At the same...
Companies mentioned in this report are: IRPC Public Co. Ltd.,PTT Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Chemical Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR)
Action: Affirmed
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
IRPC Public Co. Ltd.,PTT Public Co. Ltd.,Thai Oil Public Co. Ltd.,PTT Chemical Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR)
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