IRPC Public Co. Ltd. Oct 10

Standard & Poors, October 2010

Abstract
Ownership by, and strategic importance to, PTT and the Government Pension Funds, the Government Savings Bank, and Vayupak Fund 1, PTT's strategic partners for IRPC Cost advantages through integration Intermediate capital structure Inherent industry risk and product-price volatility Challenging outlook for the refinery and petrochemical business Small scale of operation and average complexity of refinery The rating on Thailand's IRPC Public Co. Ltd. (IRPC) reflects the company's ownership by, and strategic importance to, PTT Public Co. Ltd. (PTT; BBB+/Negative/--), cost advantages from integration, and intermediate capital structure. These strengths are offset by the inherent industry risk and product-price volatility, the challenging outlook for the refinery and petrochemical business, and small scale of operation and average complexity of refinery. Average complexity...

Companies mentioned in this report are: IRPC Public Co. Ltd.,PTT Exploration and Production 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: Review

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

IRPC Public Co. Ltd.,PTT Exploration and Production 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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