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 Taiwan-domiciled Formosa Plastics Corp. , Nan Ya Plastics Corp. , Formosa Chemicals&Fibre Corp. , and Formosa Petrochemical Corp. on the proxy GCP, based on the pro forma consolidated financials of their audited consolidated statements. The four Formosa companies' strategic shift toward advanced electronic materials and other specialized products could sustain their improved profitability as the temporary benefits from high oil prices fade. Stronger operating cash flow, proceeds from equity stake disposals, and the increased fair value of short-term investments should keep the group's debt leverage low and strengthen its
