# Taiwan Ratings Upgrades Formosa Plastics Group

> Taiwan Ratings lifts Formosa Plastics Group's credit rating to twAA, forecasting 2026 EBITDA at NT$210 billion.
- Title: Taiwan Ratings Upgrades Formosa Plastics Group · BigGo Finance
- Summary: Taiwan Ratings lifts Formosa Plastics Group's credit rating to twAA, forecasting 2026 EBITDA at NT$210 billion. Taiwan Ratings upgraded Formosa Plastics…
- Keywords: taiwan ratings, formosa plastics group, twaa, ebitda, ntd, 2026, electronic materials, commodity chemicals, finance, markets, Taiwan, Ratings
- Source: BigGo Finance — https://finance.biggo.com/news/89c2271a-6703-4ba2-bc61-a92e20d791b2
- Author: BigGo Finance
- Published: 2026-10-20T03:35:20+00:00
- Read time: 1 min
- Topics: taiwan ratings, formosa plastics group, twaa, ebitda, ntd, 2026, electronic materials, commodity chemicals, finance, markets
## Rating Upgrade
Taiwan Ratings upgraded Formosa Plastics Group's long-term issuer credit rating to twAA from twAA-.
## EBITDA Forecast
Taiwan Ratings forecasts Formosa Plastics Group's 2026 EBITDA hitting NT$190 billion to NT$210 billion.
## Liquidity Assessment
Taiwan Ratings raised liquidity assessment to 'very strong' from 'adequate'.
## Business Mix Shift
Electronic materials and components expected to rise to 40%-50% of EBITDA by 2027-2028.
## Borrowing Leverage
Borrowing-to-EBITDA ratio expected to stay below 0.5x over next two years.
## Refining Margins
Middle East refinery shutdowns expected to boost Formosa's refining margins resilience.
## Commodity Chemicals
Commodity chemicals business expected to remain loss-making for next one to two years.
## Key takeaway

Taiwan Ratings upgraded Formosa Plastics Group's credit rating to twAA, predicting 2026 EBITDA will reach NT$210 billion.