Chang Chun Petrochemical Co. Ltd.&Chang Chun Plastics Co. Ltd.

This report does not constitute a rating action. We use our Principles of Credit Ratings criteria to assess and assign a proxy group credit profile (GCP). We continue to base our assessment of the credit quality of Chang Chun Petrochemical and Chang Chun Plastics on the proxy GCP, based on the pro forma consolidated financials of their audited consolidated statements. Overview Key strengths Key risks Leading global market position for some specialty chemicals which could be more resilient during industry downturns. Lack of integration into base feedstock chemicals. Broad product mix and diverse end-applications with integrated production and good process technology. High volatility in prices and margins for its commodity chemical products especially given oversupply conditions. Sustained net cash position

...June 11, 2025 This report does not constitute a rating action. We use our Principles of Credit Ratings criteria to assess and assign a proxy group credit profile (GCP). We continue to base our assessment of the credit quality of Chang Chun Petrochemical and Chang Chun Plastics on the proxy GCP, based on the pro forma consolidated financials of their audited consolidated statements....

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