Thai refiner IRPC gets improved rating from Moody’s
Play
Moody’s Investors Service has changed the rating outlook of Thai refiner, IRPC Plc, to positive from stable. Moody’s also affirmed IRPC’s Ba1 corporate family rating (CFR).
“The change in rating outlook to positive reflects the structural improvement in IRPC’s profitability owing to its higher operating
margins and refinery utilisation since the completion of its large-scale upgrading program,” explained Rachel Chua, a Moody’s assistant vice president and analyst.
IRPC’s $1.5 billion (Bt50 billion) capital expenditure programme was completed in phases during 2016-17. The refiner is now able to upgrade its loss-making fuel oil into higher-margin petroleum and petrochemical products.
According to the company, its refinery complexity has improved to 8.6 from 6.6, reflecting an increase in the value of its products.
