S&P lifts Formosa, notes to A-

Standard & Poor's said it raised the long-term corporate credit ratings on the Formosa Plastics group - Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals & Fibre Corp. and Formosa Petrochemical Corp. - to A- from BBB+.

S&P said it raised the rating on senior unsecured notes of Nan Ya Plastics (Hong Kong) Co. Ltd. to A- from BBB+.

The outlook is stable.

The upgrades reflect the group's improved earnings quality, underpinned by the group's reinforced economies of scale, vertical integration and strengthening product diversity, the agency said, as well as the improved financial profile of the four companies as a whole.

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