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Asahi Glass: S&P upgrades ratings

Ratings Service Standard & Poor“s revised the outlook on its long-term corporate credit rating on Japan“s Asahi Glass Co Ltd on 5 April 2004 to stable from negative, reflecting the expectation for c…

Ratings Service Standard & Poor“s revised the outlook on its long-term corporate credit rating on Japan“s Asahi Glass Co Ltd on 5 April 2004 to stable from negative, reflecting the expectation for continued improvement in profitability and cash flow in its core operations, and steady improvement in its financial profile as a result of debt reductions. At the same time, S&P affirmed its “A-” long-term corporate and senior unsecured debt ratings and “A-2” short-term rating on the company. As well as glass-related businesses, Asahi Glass is active in petrochemicals with a 200,000 metric tonnes/year VCM plant in Chiba, Japan, and through its subsidiary in Indonesia, Asahimas Chem, which has a 400,000 metric tonnes/year VCM and a 285,000 metric tonnes/year PVC unit. It also has several caustic soda plants: in Japan it has a 229,000 metric tonnes/year plant in Chiba and a 640,000 metric tonnes/year complex in Kajima, while in Indonesia it has a 371,000 metric tonnes/year plant and in Thailand a 200,000 metric tonnes/year plant.

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