Moody's rates Titan notes Ba3

Moody's Investors Service said it has assigned a Ba3 foreign currency long-term rating to the proposed U.S. dollar guaranteed notes of Titan Capital Ltd, which is a wholly owned subsidiary of Titan Petrochemical & Polymers Berhad.

The outlook is stable.

Moody's said the rating reflects Titan's experienced management, good operating track record, relatively competitive cost position, and well-integrated production process.

At the same time, the rating considers the cyclical and highly volatile nature of the petrochemical industry, Titan's high financial leverage, and its limited business diversification into higher value-added products. The rating also incorporates a degree of execution risk associated with Titan's plans to raise production capacity and construct a new butadiene plant.

Titan Petrochemical & Polymers Berhad, based in Johor Malaysia, is a petrochemical company.

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