Fitch Affirms A-(tha) Rating

On 19th April 2022, Fitch Ratings (Thailand) Limited, Thailand’s premier credit rating agency, revised the Outlook on HMC Polymers Company Limited, a polypropylene (PP) manufacturer, to Stable from Negative, and affirmed its National Long-Term Rating and senior unsecured rating at 'A-(tha)' The Key Rating Drivers are:

Focus on High-Value-Added Products
HMC Polymers focuses on differentiated and specialty products, which have lower competition and higher margins. We aim to raise the contribution to about 70% of sales by 2030.

Leading South-East Asian PP Producer
HMC Polymers is the largest PP producer in Thailand, with a market share of about one-third. Our production capacity will increase to about 1.1 million tonnes per annum by end-2022, which will make it the largest PP producer in south-east Asia after PP Line 4 is completed. Our market position is also enhanced by focus on differentiated and specialty products, and partial upstream integration into a propane dehydrogenation plant.

Leading Technology, Product Innovation
HMC Polymers uses leading PP technology from LyondellBasell, a key shareholder, in our production. We will utilize the latest technology for our PP Line 4 – one of only two plants in the world that can use C6 monomer to enhance PP properties; and this will enable us to expand the product portfolio for new applications. HMC Polymers is the leader in pipe- and medical-grade PP in Thailand and is the world's first producer of PP for dielectric film using modern technology. All of HMC Polymers' products are marketed as LyondellBasell's global brands.

Download Press Release PDF | Thai
Download Press Release PDF | English