Fitch affirms Titan Petrokimia

Fitch Ratings said it affirmed PT Titan Petrokimia Nusantara's national long-term rating at A+(idn), along with the national rating of A+(idn) on its Rp 73 billion rupiah bond and Rp 200 billion Islamic bond due June 2015.

The outlook is stable.

This follows news that Honam Petrochemical Corp., the flagship company of Korea's Lotte Group, plans to acquire Malaysia-based Titan Chemical Corp. Bhd., Titan's ultimate parent.

The ratings incorporate a two-notch uplift from its stand-alone rating given the operational, ownership and management control by Titan Chemicals, Fitch said.

The agency said it believes that Titan Chemicals' credit profile may be enhanced by the proposed acquisition given the operational and financial strengths of Honam.

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