S&P gives IRPC notes BBB-

Standard & Poor's said it assigned its BBB- issue rating to a proposed issue of $250 million 10-year fixed-rate notes due 2017 by IRPC Public Co. Ltd. (BBB-/stable).

The proposed notes will be direct, unconditional, unsecured and unsubordinated general obligations of IRPC and the net proceeds of the proposed notes will be used for repayment of a bridge loan that is due September 2007, the agency said.

According to S&P, the corporate credit rating reflects IRPC's small scale of operation with single-site risk, large capital expenditure with moderate increase in production capacity, relatively weaker financial risk profile and inherent industry risk.

The corporate credit rating on IRPC benefits from ownership by PTT and other state-institution strategic partners and the cost advantages from an integrated refinery and petrochemical model, the agency noted.

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