Fitch rates IRPC debentures A-(tha)

Fitch Ratings said it assigned an A-(tha) national long-term rating to IRPC plc's upcoming Thai baht 7 billion seven-year unsecured and unsubordinated debentures due 2014, as well as its Thai baht 3 billion 10-year unsecured and unsubordinated debentures due 2017.

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 Public plc as its largest stakeholder, Fitch said.

The ratings also take into consideration its high exposure to volatile gross refining margins and petrochemicals prices, which have a substantial impact on its earnings and cashflow generating capability, the agency said.

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