Fitch Thailand Affirms IRPC Ratings
Fitch Ratings (Thailand) Limited has today affirmed IRPC Public Company Limited’s (IRPC) National Long-term rating at ‘A-(tha)’ (A minus(tha)) and its National Short-term rating at ‘F2(tha)’. At the same time, the agency has affirmed the ‘A-(tha)’ (A minus(tha)) National Long-term rating on IRPC’s outstanding senior unsecured and unsubordinated debentures amounting to THB10 billion.
The Outlook on the ratings remains Stable.
The ratings reflect IRPC’s competitive advantage as a fully integrated oil refining and petrochemicals producer, and its expertise and long track record in downstream petrochemicals in Thailand. The fully integrated petrochemicals production provides cost competitiveness, a wide range and optimisation of product line, as well as a reduction of earnings volatility. The ratings are also based on IRPC’s financial position with a substantially lower leverage due to recapitalisation and higher cash flow generation, though Fitch notes it is likely to weaken in the medium term due to new investments.