- Language: English
- Published: August 2012
Summary: PT Chandra Asri Petrochemical Tbk. Dec 11
- ID: 2030322
- December 2011
- Standard & Poors
The rating on Indonesia-based petrochemical producer PT Chandra Asri Petrochemical Tbk. (CAP) reflects the cyclical nature of the commodity chemicals business, volatile feedstock costs, and the company's somewhat limited product and operational diversity. CAP's leading market position in Indonesia, favorable domestic demand, cost advantages from its domestic vertically integrated facilities, and moderate leverage partly offset the above weaknesses. CAP's financial risk profile remains aggressive in our opinion despite the progressive weakening in operating cash flows for the nine months ended Sept. 30, 2011. Production and sales have increased due to a merger with PT Tri Polyta Indonesia Tbk. and higher oil prices; but elevated naphtha costs and weaker product prices due to the uncertain economic outlook have reduced margins and...
Companies mentioned in this report are: PT Chandra Asri Petrochemical Tbk.
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PT Chandra Asri Petrochemical Tbk.