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Fitch Ratings-Taipei/Singapore-24 September 2008: Fitch has today assigned an expected rating of 'AAA(twn)' to the proposed TWD20bn senior unsecured corporate bond to be issued by CPC Corporation, Taiwan (CPC).
"Fitch expects that the proposed bond will fund the CPC's capital expenditure program and improve the company's debt maturity profile," said Simon Wong, Director in Fitch's Asia-Pacific energy and utilities team.
The bond is expected to be issued in three tranches with a 5, 7 and 10 year term maturities. The 5 year tranche has a bullet repayment at end of the fifth year, while the 7 and 10 year tranches will be repaid over two equal instalments in the sixth, seventh; ninth and tenth year respectively.
The final rating is contingent upon receipt of final documents conforming to information already received.
Contacts: Simon Wong, Singapore, +65 6796 7235/
simon.wong@fitchratings.com; Kevin C. Chang, Taipei, +886 2 8175 7609/
kevin.chang@fitchratings.com.
Note to Editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(twn)' for National ratings in Taiwan. Specific letter grades are not therefore internationally comparable.
Media Relations: Lisa Lim, Singapore, Tel: +65 6796 7214.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
