TPTPL rating contains negative outlook

TRIS Rating Co Ltd has affirmed TPI Polene (TPIPL)'s company rating at "BBB" with "negative" outlook, following the Criminal Court's order for it to pay Bt6.9 billion fine for violating stock market's regulations.

While TPIPL has strong market position in the cement and low density polyethylene (LDPE) market and strong internal cash generation, these strengths are partially offset by intense competition and the cyclical nature of both the cement and petrochemical industries, Tris said in its statement.

In addition, TPIPL's refinancing remains a concern as substantial debts are scheduled to be repaid in December 2008, while relationships with financial institutions will take time to rebuild. The "negative" outlook reflects TRIS Rating's concerns regarding TPIPL's refinancing risk. The success of refinancing is uncertain and hinges on the confidence of creditors and investors.

- The Nation

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TPTPL rating contains negative outlook

TRIS Rating Co Ltd has affirmed TPI Polene (TPIPL)'s company rating at "BBB" with "negative" outlook, following the Criminal Court's order for it to pay Bt6.9 billion fine for violating stock market's regulations.

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