Summary: Formosa Chemicals & Fibre Corp. May 12
Standard & Poors, May 2012
Abstract
Strong domestic market position in the petrochemical and oil refining industries. Strong operating efficiency through highly integrated group production facilities and significant economies of scale. Satisfactory cash flow protection. Significant industry risks due to volatile pricing movement in the petrochemical and oil refining businesses. Satisfactory business diversity but with significant asset concentration on one production site. Moderate financial policy but with continued support on high-risk non-core investments. The ratings on Taiwan-based Formosa Chemicals & Fibre Corp. reflect the company's status as a core member of the Formosa Plastics group (FP group; Formosa Plastics Corp., Formosa Chemicals & Fibre Corp., Nan Ya Plastics Corp., and Formosa Petrochemical Corp.). When analyzing the credit quality of the four core members, Standard & Poor's...
Companies mentioned in this report are: Formosa Chemicals & Fibre Corp.,Taiwan Power Co.,Formosa Plastics Corp.,Formosa Petrochemical Corp.,Nan Ya Plastics 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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Formosa Chemicals & Fibre Corp.,Taiwan Power Co.,Formosa Plastics Corp.,Formosa Petrochemical Corp.,Nan Ya Plastics Corp.,Nanya Technology Corp.,Inotera Memories Inc.
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