TEXT-S&P summary: Formosa Plastics Corp.

The ratings on Taiwan-based Formosa Plastics Corp. reflect the company's status as a core
member of the Formosa Plastics group (FP group; Formosa Plastics Corp., Nan Ya Plastics
Corp., Formosa Chemicals & Fibre Corp., and Formosa Petrochemical Corp
.). When analyzing the credit quality of the four core members, Standard & Poor's
Ratings Services views the individual operating units as a combined manufacturing entity with
highly integrated operations. We consolidate the four operating units' fina

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