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 utilise 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.

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