S&P Global upgrades FCFC to BBB+: what it means for Formosa Chemicals and Fibre stock

Published on 10/25/2026 at 02:05 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

FCFC's debt-to-EBITDA ratio is projected below 0.5x through 2028. Formosa Chemicals and Fibre stock carries a BBB+ rating dated October 19, 2026.

Credit upgrade and trading context

S&P Global Ratings raised FCFC's issuer rating to BBB+ on October 19, 2026.
Debt-to-EBITDA is projected below 0.5x over the next one to two years.
FCFC last traded at TWD 73.00 on the Taiwan Stock Exchange on October 22, 2026.

FCFC, TW0001326007, Illustration mit AI erstellt.

On October 19, 2026, S&P Global Ratings raised Formosa Chemicals & Fibre Corporation's issuer credit rating to BBB+ from BBB, with a stable outlook. For Formosa Chemicals and Fibre stock, the key issue is whether stronger balance-sheet metrics can offset pressure in commodity chemicals.

Why did the rating improve?

S&P cited lower leverage, stronger operating cash flow, proceeds from equity disposals and higher short-term investment values. Its assessment covers Formosa Chemicals & Fibre and three other Formosa group companies, with the upgrade reflecting improved financial flexibility and earnings resilience.

What does BBB+ change for FCFC?

The rating agency projects the group's debt-to-EBITDA ratio below 0.5x over the next one to two years. It also expects the group to increase EBITDA to TWD 190 billion to TWD 210 billion in 2026 from TWD 65.5 billion in 2025, although the forecast applies to the four-company group rather than FCFC alone.

Three recent trading sessions

On October 20, 2026, FCFC last traded at TWD 73.80, down 2.25 percent from TWD 75.50, according to Global Banking & Finance Review. On October 21, the stock last traded at TWD 76.20, up 3.25 percent from TWD 73.80, the same outlet reported in its market coverage.

On October 22, 2026, FCFC last traded at TWD 73.00, down 4.20 percent from TWD 76.20, according to Global Banking & Finance Review. The sequence leaves credit improvement as the corporate development alongside a volatile recent trading pattern.

What investors can measure next

The rating outlook depends on debt discipline, cash generation and the shift toward electronic materials and specialized products. S&P also identifies commodity chemical oversupply, weaker downstream demand and capacity additions in China as risks to utilization and spreads.

Trading context

On the Taiwan Stock Exchange, the last traded FCFC price was TWD 73.00 on October 22, 2026, while the company is classified in the materials sector. The rating upgrade provides a balance-sheet reference, but the latest market record still shows sharp session-to-session changes.