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Formosa Taffeta Co., Ltd.

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(Code: 1434)
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    FTC Credit Ratings:

In order to coordinate the loan assurance on the joint investment in Formosa Ha Tinh Steel Corp. (FHS) with Formosa Plastic Corp. (FPC) group, the Company accepts the suggestion of the finance division of FPC group to adopt Taiwan Ratings' credit ratings from 2014 so as to strengthen the effectiveness of endorsement assurance.

Based on our presentation and the interview with the Company's senior executives at our Taipei branch on June 3, 2016, Taiwan Ratings gives the following corporate credit ratings for three consecutive years.

YearLong-term credit ratingShort-term credit ratingRating outlook
2016twA+twA-1Stable
2015twA+twA-1Stable
2014twA+twA-1Stable


Explanation of 2016 corporate credit ratings:

  1. an important strategic partner of the parent company: In Taiwan Ratings' view, the Company will maintain its moderately strategic status within the FPC group over the next two years.

  2. a highly influential role in the woven fabric market: Taiwan Ratings thinks the Company will maintain its good market position in high-end functional woven fabrics underpinned by the Company's well-established long-term relationships with its key customers, as well as its good technology capabilities and low cost overseas capacity in Vietnam and China.

  3. the direction of future risk control:
    • The Company is facing moderate margin pressure resulting from slowing growth in global demand for woven fabrics and increasing competition in this market.
    • The Company should try its best to lower business concentration and industry volatility risk, albeit lessening, in its IC assembly and packaging business.