Fitch affirms IRPC debt at A-(tha)

Fitch Ratings said it affirmed IRPC plc's national long-term rating and its senior unsecured debentures at A-(tha) and its national short-term rating at F2(tha).

The outlook remains negative.

The ratings are underpinned by its competitive advantage as a fully-integrated oil refining and petrochemicals producer and by its expertise and long track record in downstream petrochemicals in Thailand, Fitch said.

The credit profile is tempered by its high vulnerability to oil prices, gross refinery margin and fluctuations in petrochemical prices, which have a substantial impact on earnings and cash flow generation, the agency said.

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