Polysindo gets BB-minus<\/p>\n
SYDNEY (Reuter): Standard & Poor's Corp said it had placed its
\nBB-minus corporate credit rating of Indonesian textile firm PT
\nPolysindo Eka Perkasa on creditwatch with positive implications.<\/p>\n
The credit ratings agency said it had also placed the BB-minus
\nrating assigned to Polysindo's US$125 million 2001 global notes
\non creditwatch with developing implications.<\/p>\n
S&P said Polysindo was close to completing the first stage of
\na major upgrade to its petrochemical production capability which
\nwould provide manufacturing capacity for purified terephthalic
\nacid (PTA, the major raw material in polyester).<\/p>\n
This would substantially increase production of polymer and
\npolyester chip feedstock for the company's expanded, staple-
\nfiber, production facilities, S&P said in a news release.<\/p>\n
\"The BB-minus rating assigned to Polysindo reflects the
\npositive integration of the company's petrochemical production
\nfacilities with its well-established position in the polyester
\nfiber sector and efficient production close to the high-growth
\nsoutheast Asian markets,\" S&P said.<\/p>\n
The establishment of petrochemical production gave Polysindo
\ngreater control over the cost and quality for its major textile
\nraw material inputs, and was expected to lead to enhanced
\nearnings by retaining the PTA profit margin, S&P added.<\/p>\n
Polysindo is the largest textile producer in Indonesia.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/polysindo-gets-bb-minus-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }