S&P ups IRPC view to positive

S&P said it revised the outlook on IRPC PCL to positive from stable and affirmed the BB+ issuer credit rating on the refinery and petrochemical producer in Thailand.

The outlook revision follows IRPC's “good performance and improved credit metrics in 2017,” driven by higher utilization rate, and full-year contributions from all of the efficiency programs, S&P said in a news release.

“We expect this positive earnings trajectory to continue, and that the company will cut spending as it completes its efficiency programs, thus stabilizing debt levels,” the agency said.

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