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Formosa Taffeta Co., Ltd.

  FTC Credit Ratings

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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, its interview with our senior executives at our Taipei branch on September 21,2018, and its inspection of FTC's operational structure, Taiwan Ratings gives FTC's five-consecutive-year financial performances the following corporate credit ratings.

YearLong-term credit ratingShort-term credit ratingRating outlook

Explanation of 2018 corporate credit ratings:
  • Rating Action:

  • 'twA+' long-term and 'twA-1' short-term corporate credit ratings are affirmed by Taiwan Ratings because it thinks:
    • FTC is equipped with good technology capabilities and low cost overseas capacity in Vietnam and China.
    • FTC will maintain its intermediate debt leverage and good market position in high-end functional woven fabrics underpinned by the company's well-established long-term relationships with its key customers.

  • Outlook:

  • The reason FTC's outlook is rated as stable is that Taiwan Ratings believes
    • FTC will sustain its competitive advantage and business diversification, while maintaining a debt to EBITDA ratio of 2.5x over the next one to two years.
    • FTC's relationship with the Formosa Plastics group will remain unchanged over the period.