Fitch: National Petrochemical unchanged

Fitch Ratings said while shareholder approval of the amalgamation of National Petrochemical plc (NPC) with Thai Olefins Plc. (TOC) is scheduled for Aug. 11, it does not intend to take, at this stage, any rating action on NPC's existing AA-(tha) national long-term and F1+(tha) national short-term ratings.

The agency said it believes that NPC should have the ability to repay its bonds in the event that its bonds are accelerated and the ratings of NPC remain on rating Watch negative, where they were placed on March 14.

The agency noted that the credit metrics and risk profile of NPC could potentially weaken on its proposed amalgamation with TOC, though the rating of the amalgamated entity should relatively remain strong in the single A(tha) national rating range.

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