Moody's ups IRPC view to stable

Moody's Investors Service said it changed the outlook on IRPC PCL to stable from negative, and affirmed its Baa3 corporate family rating and senior unsecured bond rating.

The revision in its outlook reflects the stabilization evident in the company's earnings and cash flow, as its refinery and petrochemical product spreads recover from their lows, Moody's said.

Over the next 12 to 18 months, IRPC is likely to face continued supply-demand imbalances in the refining and petrochemical industry, the agency said, and be exposed to execution risks in regard to its sizeable capital expenditure program.

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