Nan Ya Plastics Corp. Dec 11

Standard & Poors, December 2011

Abstract
Highly integrated group production facilities with significant economies of scale The Formosa Plastics group's strong domestic market position in the petrochemical and oil refining industries Satisfactory cash flow generation Exposure to volatile pricing movement in the petrochemical and oil refining businesses High-risk non-core investments Asset concentration on one production site The ratings on Taiwan-based Nan Ya Plastics Corp. reflect the company's status as a core member of the Formosa Plastics group (FP group; Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals & Fibre Corp., and Formosa Petrochemical Corp.). When analyzing the credit quality of the four core members, Standard & Poor's Ratings Services views the individual operating units as a combined manufacturing entity with highly integrated operations. We consolidate...

Companies mentioned in this report are: Nan Ya Plastics Corp.,Taiwan Power Co.,Formosa Chemicals & Fibre Corp.,Formosa Plastics Corp.,Formosa Petrochemical Corp.,Nanya Technology Corp.,Inotera Memories Inc.
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

Nan Ya Plastics Corp.,Taiwan Power Co.,Formosa Chemicals & Fibre Corp.,Formosa Plastics Corp.,Formosa Petrochemical Corp.,Nanya Technology Corp.,Inotera Memories Inc.

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