Fitch: IRPC view to stable

Fitch Ratings said it revised IRPC PCL's outlook to stable from negative.

The agency also said it affirmed the company's national long-term rating at A-(tha) and national short-term rating at F2(tha), along with its senior debentures at A-(tha).

The outlook revision reflects an expectation that IRPC's credit metrics are likely to gradually improve in 2011 to 2014, Fitch said.

Although capital expenditure will increase to support the company's expansion plan, Fitch said it expects IRPC's adjusted net debt-to-operating EBITDAR to reduce to 2.5x to 3x in 2011 from 3.1x in 2010.

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 petrochemical products in Thailand.

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