Fitch affirms IRPC

Fitch Ratings said it affirmed IRPC plc's national long-term rating at A-(tha), national short-term rating at F2(tha), and the A-(tha) national long-term rating on its outstanding senior unsecured and unsubordinated debentures amounting to 10 billion in Thai baht.

The outlook remains stable.

The ratings reflect IRPC's competitive advantage as a fully integrated oil refining and petrochemicals producer, Fitch said, and its expertise and long track record in downstream petrochemicals in Thailand.

The ratings also are based on its financial position with a lower leverage due to recapitalization and higher cash flow generation, although Fitch said it is likely to weaken in the medium term due to new investments.

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