Fitch rates IRPC A-, F2

Fitch Ratings said it assigned an A-(tha) national long-term rating and a F2(tha) national short-term rating to IRPC plc.

The outlook is stable.

The ratings reflect IRPC's competitive advantage as a fully integrated oil refining and petrochemicals producer, its expertise and long track record in downstream petrochemicals in Thailand and the benefits from PTT plc as its largest stakeholder, the agency said.

The ratings also are based on IRPC's financial position with a substantially lower leverage due to recapitalization and improving cash flow generation, though Fitch said it is likely to weaken in the medium term due to new investments.

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