Fitch affirms IRPC

Fitch Ratings said it affirmed IRPC PCL'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.

Fitch said it remains concerned that IRPC's expansion plans could delay de-leveraging, despite the company's improved profitability over the past 12 months.

Refiners and petrochemical producers remain vulnerable in the continued weak operating environment, the agency said, and if they are to avoid the risk of damage to their financial profiles they need to demonstrate sustained improvements in profitability before embarking on large expansion.

The ratings are underpinned by its 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.

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