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CPC maintains its Fitch Ratings for 2013

CPC maintains its Fitch Ratings for 2013

On 31 May CPC announced that Fitch Ratings had maintained CPC’s A+ Long-term Issuer Credit Rating and AAA(twn) National Long-term Credit Rating on the basis of promising business projections.
CPC’s credit rating shared the same level as the Taiwan sovereign rating on the basis of its crucial role in supplying refined petroleum products and natural gas. CPC has reported losses for the last two years due to higher natural gas producer prices conflicting with the government’s policy of stabilizing commodity prices to protect domestic living standards. The natural gas price has been adjusted according to fluctuations in crude oil pricing. According to Fitch Ratings, CPC’s operating cash flow will return to its previous level and its credit rating will therefore remain at AAA(twn).