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Fitch ups National Petrochemical to AA-(tha)
Fitch Ratings (Thailand) Ltd. said it upgraded the long-term national rating of National Petrochemical Public Co. Ltd. to AA-(tha) from A+(tha) and raised the short-term rating to F1+(tha) from F1(tha). The outlook is stable.
Fitch said the upgrade is based on the lower-than-expected investment cost for its new cracker and low-density polyethylene projects and also supported by the company's continued strong operating performance and conservative debt profile.
The ratings reflect National Petrochemical's strong ownership structure and support from state-owned oil-and-gas conglomerate, PTT Public Co. Ltd., secured long-term feedstock supply and olefins sales agreements, profit sharing price structure, cost-competitive position and solid financial position, according to Fitch.
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