Formosa Plastics Corporation http://www.alacrastore.com/company-snapshot/Formosa_Plastics_Corporation-1023919 Saturday, July 05, 2008 5:18:25 PM 1023919 Formosa Plastics Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/617839spcred/617839normThe latest News from S&P12/6/2007 4:35:06 AMNews100global617839TaiwanCommodity ChemicalsAsiaEmerging MarketsGlobal IssuersFinancial InstitutionsCorporationsChemicalsConsumer ProductsPackagingNewsHONG KONG (Standard&Poor's) Dec. 6, 2007--Standard&Poor's Ratings Services said today that it has raised its long-term corporate credit ratings on the four core companies of the Formosa Plastics group (FP group)--Formosa Plastics Corp., Nan Ya Plastics Corp. (NPC), Formosa Chemicals&Fibre Corp., and Formosa Petrochemical Corp.--to 'A-' from 'BBB+'. The outlook on the ratings is stable. At the same time, Standard&Poor's raised its issue rating on the senior unsecured notes of Nan Ya Plastics (Hong Kong) Co. Ltd. to 'A-' from 'BBB+'. NPC guarantees the notes. "The rating actions reflect the FP group's improved earnings quality, underpinned by the group's reinforced economies of scale, vertical integration, and strengthening product diversity. The rating actionsTWN15101010 151010 1510 15Formosa Plastics Corp.360928ASIAEMERGING1301@TTNEWSHKGTWN10102030 101020 1010 1015101010 151010 1510 15Formosa Chemicals&Fibre Corp.Formosa Petrochemical Corp.Nan Ya Plastics Corp.Nan Ya Plastics (Hong Kong) Co. Ltd.360927360929360931393713ASIAEMERGING1433@TT6505@TT1303@TTNANYAGLOBISSFICORPChemicalsConsumerPackagingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/617840spcred/617840normThe latest Research Update from S&P12/6/2007 4:35:06 AMResearch Update175global617840TaiwanCommodity ChemicalsAsiaEmerging MarketsGlobal IssuersFinancial InstitutionsCorporationsChemicalsConsumer ProductsPackagingResearch UpdateOn Dec. 6, 2007, Standard&Poor's Ratings Services raised its long-term corporate credit ratings on the four core companies of the Formosa Plastics group (FP group)--Formosa Plastics Corp., Nan Ya Plastics Corp. (NPC), Formosa Chemicals&Fibre Corp., and Formosa Petrochemical Corp.--to 'A-' from 'BBB+'. The outlook on the ratings is stable. At the same time, Standard&Poor's raised its issue rating on the senior unsecured notes of Nan Ya Plastics (Hong Kong) Co. Ltd. to 'A-' from 'BBB+'. NPC guarantees the notes. The rating actions reflect the FP group's improved earnings quality, underpinned by the group's reinforced economies of scale, vertical integration, and strengthening product diversity. The rating actions also reflect the improved financial profile of theTWN15101010 151010 1510 15Formosa Plastics Corp.360928ASIAEMERGING1301@TTRESUPDHKGTWN10102030 101020 1010 1015101010 151010 1510 15Formosa Chemicals&Fibre Corp.Formosa Petrochemical Corp.Nan Ya Plastics Corp.Nan Ya Plastics (Hong Kong) Co. Ltd.360927360929360931393713ASIAEMERGING1433@TT6505@TT1303@TTNANYAGLOBISSFICORPChemicalsConsumerPackagingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/598145spcred/598145normThe latest Summary from S&P8/27/2007 4:38:05 AMSummary175global598145TaiwanCommodity ChemicalsAsiaEmerging MarketsGlobal IssuersCorporationsChemicalsSummaryThe rating on Formosa Plastics Corp. (Formosa Plastics) reflects the company's status as a core member of the Formosa Plastics group, as well as its leading market position in the commodity chemical industry, low-cost structure, high degree of vertical integration, and intermediate financial profile. These strengths are partly offset by the highly cyclical and competitive nature of the commodity chemical industry, and Formosa Plastics' asset concentration given that its major production facilities are located on one site along with other core members of the Formosa Plastics group. Formosa Plastics' major products include polyvinyl chloride (PVC) resin, polyolefin, acrylic acid and esters, acrylic fiber, polypropylene; and fine chemical products that include acrylonitrile (AN), epichlorohydrin (ECH), methyl tert-butyl ether (MTBE), and methylTWN15101010 151010 1510 15Formosa Plastics Corp.360928ASIAEMERGING1301@TTSUMMARYGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/598143spcred/598143normThe latest Full Report from S&P8/27/2007 4:38:05 AMFull Report400global598143TaiwanCommodity ChemicalsAsiaEmerging MarketsGlobal IssuersCorporationsChemicalsFull ReportLow-cost structure and good operating efficiency Leading position in the commodity chemical industry Highly integrated production within the Formosa Plastics group Satisfactory cash-flow-protection measures Highly cyclical and competitive nature of the commodity chemical industry Asset concentration The rating on Formosa Plastics Corp. (Formosa Plastics) reflects the company's status as a core member of the Formosa Plastics group, as well as its leading market position in the commodity chemical industry, low-cost structure, high degree of vertical integration, and intermediate financial profile. These strengths are partly offset by the highly cyclical and competitive nature of the commodity chemical industry, and Formosa Plastics' asset concentration given that its major production facilities are located on one site along with other core members of theTWN15101010 151010 1510 15Formosa Plastics Corp.360928ASIAEMERGING1301@TTFULLGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Research