ICRA Rating Feature

Commodity Polymers Industry: Downtrend in Margins likely to Deepen in the Medium Term
Contact
Anjan Ghosh aghosh@icraindia.com +91-22-30470006 K. Ravichandran ravichandran@icraindia.com +91-44-45964301 Prashant Vasisht prashant.vasisht@icraindia.com +91-124-4545322 Anoop Bhatia anoopb@icraindia.com +91-124-4545315

SUMMARY OPINION
With economic activity picking up, growth in domestic demand for commodity polymers was strong in 2009-10, reporting a 19% year-on-year (yoy) increase as against 4% yoy in 200809. The buoyancy in growth has continued in the current fiscal, although the intensity is somewhat lower. Going forward, according to ICRA, growth in demand for commodity polymers in the domestic market would remain robust in the medium to long term, given the favourable growth expected in the key end-user industries like fast-moving consumer goods (FMCG), automotives, infrastructure, and agriculture. On the global supply side, while many polymer capacity addition projects have been announced, the slower-thanexpected progress of such projects because of the shortage of engineering and manpower resources, overbooked vendors and contractors, feedstock constraints and problems in plant stabilisation are causing delays in the commissioning of the new capacities, thereby affecting incremental product availability. While these delays have pushed back the much anticipated down-cycle in the sector, a supply glut is expected in the near term and this should persist for the next few years, which in turn would exert pressure on petrochemical margins. The domestic demand-supply situation in commodity polymers should largely be favourable for polyethylene (PE) and polyvinyl chloride (PVC) producers in the medium to long term, as the market should be in deficit despite the planned additions to capacity. Polypropylene (PP) producers would however have to continue coping with capacity surplus, which means the reliance on exports would continue. Margins for domestic producers of PE, PP and PVC could come under stress in the near to medium term, as import competition is also likely to escalate. The other near term challenges for domestic polymer resin manufacturers would be passing on to consumers increases in feedstock prices in a scenario of rising crude oil prices and managing slowdown in short-term demand against the backdrop of rising resin prices. As for the universe of ICRArated resin producers, while ICRA does not expect any material rating pressures from the external environment on the rated entities, it will continue to watch the evolving environment closely and take appropriate rating action if the situation warrants. In the case of the downstream polymer companies, the key rating sensitivities would be their ability to pass on increases in resin prices to consumers and their ability to manage project risks.
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January 2011

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Industry Outlook: Commodity Polymers

BACKGROUND
Commodity polymers are used mostly in the manufacture of various plastic products that find application in sectors such as packaging, storage, automotives, construction, and irrigation. Although there are several grades of commodity polymers, the major onesPE, PP and PVCaccount for an estimated 90% of the total commodity polymer consumption in India. The domestic commodity polymer industry is characterised by the presence of a few resin producers and several downstream processors, who in turn sell semi-finished or finished plastic articles to end-consumers. The Indian polymers industry is small by international standards, accounting for only around 3.5% of the global production. However, the rate of growth of Indian polymer consumption is among the highest in the world, and this is because of the low base effect and burgeoning demand from several end-users. Being cyclical commodities that are widely traded, commodity polymers are priced on import parity basis in the domestic market. Thus, the margins earned by the domestic producers of resins are largely determined by the international tolling margins, import duty levels, and the domestic demandsupply situation. Foreign exchange rates also play a role in influencing margins. Indian commodity polymer producers have lately been going through a down-cycle, precipitated largely by the global economic slowdown that began in mid 2008, sharp volatility in feedstock prices, and surge in capacity additions in West Asia, which has served to increase competition from imports. The domestic industry, on its part, is also likely to witness significant capacity additions over the medium term.

KEY TRENDS AND RATING IMPLICATIONS

Domestic demand: Robust growth witnessed in recent past; outlook favourable for medium term
The per capita consumption of polymers in India at about 6 kg is far below the global average of 29 kg and below that of China at 24 kg and of Asia at 22 kg. The domestic per capita consumption as well as the absolute consumption of commodity polymers is expected to grow because of various economic and demographic factors. Some of these factors are increase in urban population and shift of population from rural to urban areas; rise in per capita income; growth of middle class; growth in infrastructure including national highways; growth in housing sector; increasing penetration of synthetic bags in food grain packaging; changing lifestyle with increase in demand for FMCG products and cosmetics; change in food habits; and steadily rising application of polymers in the agriculture sector. With these factors at play, demand for commodity polymers grew by 19% in 2009-10 over the previous fiscal. This trend continued in the first half (H1) of 2010-11 with polyolefins and PVC demand growing by about 10% as compared with the corresponding previous. The following sections present ICRAs perspective on the three key polymers that together account for an estimated 90% of the total commodity polymer consumption in India. Polyethylene The Indian per capita consumption of PE at about 2 kg is only about a fifth of the global average, which stands at about 10 kg. The underpenetrated Indian PE market reported a compounded annual growth rate (CAGR) of about 12% from 2003-04 to 2009-10, although there were large year on year fluctuations. Around 30% of the domestic demand of PE is met by imports, which have also been growing at robust rates because of domestic supply constraints and rising demand. To meet import competition, some domestic petrochemical producers are developing speciality, niche and valueadded grades of PE that fetch higher margins and are less prone to competitive pricing pressures from imports. The key consuming industries of PE and their consumption shares (as of 2009-10) are presented in Charts 1 to 3.

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Industry Outlook: Commodity Polymers

Chart 1: Sector-wise Consumption of High-Density Polyethylene (2009-10)

Agriculture 5% Infrastructure 13% Others 6%

Chart 2: Sector-wise Consumption of Linear LowDensity Polyethylene (2009-10)

Agriculture 4% Others 4%

Infrastructure 11%

Consumer/Indu strial Goods 19%

Packaging 57%

Consumer/Indu strial Goods 7%

Packaging 74%

Source: Industry, ICRAs analysis

Source: Industry, ICRAs analysis

Chart 3: Sector-wise Consumption of Low-Density Polyethylene (2009-10)

Agriculture 5% Infrastructure 7% Others 11%

Packaging 62%

Given the spread of modern retail formats, increasing consumer spending, housing sector growth and rising disposable incomes, almost all grades of PE are expected to report high growth rates over the medium to long term. The gradewise consumption forecasts for high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), and low-density polyethylene (LDPE) are presented in Charts 5, 7 and 9 respectively.

Consumer/Indu strial Goods 15%

Source: Industry, ICRAs analysis

Chart 4: Consumption of HDPE (2008-09)

Injection Moulding 13% Others 3% Blow Moulding 27%

Chart 5: Consumption Forecast for HDPE (2014-15)

Injection Moulding 14% Others 3% Blow Moulding 28%

Pipe 15%

Pipe 15%

Yarn (Raffia) 18%

Film 24%

Yarn (Raffia) 17%

Film 23%

Source: Industry, ICRAs analysis

Source: Industry, ICRAs analysis

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Extrusion Coating 8% Others 1%
Injection 10%

Industry Outlook: Commodity Polymers Chart 7: Consumption Forecast for LLDPE (2014-15)
Extrusion Coating 8% Others 1%

Injection 9%

Roto 11% Films 71%

Roto 12%
Films 69%

Source: Industry, ICRAs analysis

Source: Industry, ICRAs analysis

Chart 8: Consumption of LDPE (2009-10)

Chart 9: Consumption Forecast for LDPE (2014-15)

Injection 7%
Extrusion Coating 17%

Others 15%

Injection 7% Extrusion Coating 16%

Others 17%

Films 61%

Films 60%

Source: Industry, ICRAs analysis

Source: Industry, ICRAs analysis

On a consolidated basis, ICRA believes the demand for PE in the domestic market would report a CAGR of 8-10% over the long term. Polypropylene The Indian per capita consumption of PP at 2 kg is only about a fourth of the global average of 7 kg. PP demand in India reported a CAGR of about 13% from 2004-05 to 2009-10, although the year on year growth rates varied significantly. India remains a net exporter of PP with about a quarter of the total production being exported. The country also imports PP, the volume of which was about 15% of the domestic production in 2009-10, given that the landed cost of imports at certain coastal locations is low and that there is a requirement for some specialised grades not manufactured in the country. Although the demand drivers for PP remain the same as mentioned before, what provides additional impetus to PP consumption is the increasing replacement of metal parts by PP in automotives and appliances mainly because of the advantages of lower weight and corrosion resistance that PP offers. Further, increasing relaxation of compulsory jute packaging regulations1 to allow use of PP woven bags for the packaging of food grains, sugar, etc. would also drive consumption of the largest PP grade by volume, Raffia. The grade-wise consumption forecasts for PP are presented in Chart 11.

The Jute Packaging Materials Act, 1987, made jute packaging mandatory for packaging of fertiliser, sugar and food grain. Over 23 years, the rule has been amended and as it stands now, jute bags are to be compulsorily used for sugar and food grain packaging.

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Industry Outlook: Commodity Polymers Chart 11: Consumption Forecast for PP (2014-15)
Fibres & Extrusion Filaments 6% 7% Random Co polymer 3% Yarn (Raffia) 30%

Chart 10: Consumption of PP (2009-10)

Fibres & Extrusion 5% Filaments Tubular 6% Random Co polymer 3% Yarn (Raffia) 36%

Quenched 10%

Tubular Quenched 8%

Injection Moulding 16% Bi-axially Oriented Polypropylene 10%

Impact Co polymer 14%

Bi-axially Oriented Polypropylene 11%

Injection Moulding 19%

Impact Co polymer 16%

Source: Industry, ICRAs analysis

Source: Industry, ICRAs analysis

ICRA expects demand for PP in the domestic market to report a CAGR of 8-10% over the long term. However, the prospects do not appear bright for certain export-oriented downstream polymer processors, such as jumbo bag and carry bag manufacturers, considering the fact that the manufacturing and retail sectors in developed economies continue to exhibit weakness. Additionally, India would remain a net exporter of PP in the medium term although the volume of exports as a percentage of domestic production would shrink progressively as domestic demand grows. Polyvinyl Chloride The Indian per capita consumption of PVC at 1.5 kg is only about a third of the global average of 5 kg. PVC demand in India reported a CAGR of about 11% from 2005-06 to 200910, although there were large year on year variations. India is a net importer of PVC, with imports meeting around 40% of the total domestic demand. Moreover, the countrys dependence on PP imports has been rising because of increasing demand, lower prices of imports vis--vis domestic produce, and lack of commensurate growth in domestic capacity.
Chart 12: Sector-wise Consumption of PVC (2008-09)
Others 6%

Infrastructure 14%

Housing & Construction 20%

Agriculture 60%

The agriculture sector is the major consumer of PVC in India, accounting for about 60% of the total consumption. The prospects for PVC consumption by the agriculture sector appear Source: Industry, ICRA Analysis bright at present, given that the use of PVC pipes for irrigation is expected to increase with both the Central and State Governments focusing on bringing a larger area under irrigation as well as conserving water through various schemes (e.g. micro-irrigation and water harvesting). Agriculture apart, the higher outlay being made for infrastructure development through plans such as Bharat Nirman (rural infrastructure) and the National Highways Development Programme (NHDP) are also expected to drive growth in PVC demand. While the overall PVC market has exhibited healthy growth rates during the last decade, there have been certain pockets where demand growth has either been negative or muted. In recent years, environmental and safety issues as well as substitution by PE have impacted PVC consumption negatively in certain segments. However, the cost competitiveness of PVC in the construction sector, a key consumer, besides expanding applications (in window and door frames, for instance), is expected to sustain its overall growth. ICRA expects domestic PVC demand to report a CAGR of 8-10% over the long term.

Global capacity additions stymied by project delays, but supply glut imminent
An estimated 23 million tonnes per annum (MTA) of PE capacity (around 33% of the global capacity) is to be added globally during the period 2009 to 2015, with China and West Asia accounting for the largest shares of the additions. While the feedstock advantage enjoyed by West Asian companies is
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Industry Outlook: Commodity Polymers

well documented, practical problems such as the reported shortage of feedstock, long stabilisation period post-commissioning, and inadequate availability of skilled manpower have led to delays in capacity addition, both greenfield and brownfield, and prevented a serious glut in the market so far. As for European manufacturers of commodity polymers, European regulations and moves by individual countries to step up their environmental campaigns are placing a further burden on the continent's big petrochemicals groups. The regulations include the European Union's Reach2 directive on chemicals and the Kyoto protocol. The higher regulatory and environmental compliance costs have made it harder for European companies to compete with the new, lower operating cost capacity of the developing world. In the US, high feedstock prices have also forced producers to reduce investment outlays on capacity additions. Additionally, with new capacities coming on stream in West Asia, China and other low-cost feedstock regions, the old sub-scale plants primarily in Western Europe, North America and Japan are being forced to operate at low rates or shut down. Overall, because of the challenges mentioned, as against the scheduled commissioning of several new capacities in West Asia and Asia (around 9 MTA of Ethylene, 6 MTA of PP 6 and 8 MTA of PE) in 2009, most failed to start up or sustain operations. Of the total capacities envisaged, only about 4 MTA of Ethylene, 3 MTA of PP and 2.5 MTA of PE could start up, which in turn led to just a moderate increase on the global supply front. Similarly in 2010 as against the schedule commissioning of 4.7 MTA of PE capacity and 4.8 MTA of PP capacity only about 3.5 MTA of PE and 2.4 MTA of PP capacities could start up or sustain operations. The polyolefin market is however set to see a surge in supplies as the main bottlenecks get cleared primarily in West Asia. This should translate into lower operating rates for the high-cost producers, since the West Asian producers with a cost advantage are bound to operate their plants at high capacity utilisation levels. Given this likely scenario, several independent consultants expect the overcapacity to worsen in 2011 and 2012, with gradual recovery happening beyond that.
Chart 13: Global PE Capacity and Operating Rates
98.0 96.0 84%

Chart 14: Global PP Capacity and Operating Rates

70.0 60.0 82% 81% 80%

94.0
Quantity (MTA)
92.0 90.0

83%

Quantity (MTA)

50.0 40.0 30.0 20.0 10.0

82% 81%

79% 78%
77% 76% 75% 74% CY10 CY11 Capacity CY12 CY13 CY14

88.0
86.0 84.0

82.0
80.0 78.0 CY10 CY11 Capacity CY12 CY13 CY14

80%
79%

0.0

Operating Rate

Operating Rate

Source: Industry, ICRAs analysis

Source: Industry, ICRAs analysis

REACH is a European Union (EU) regulation concerning the Registration, Evaluation, Authorisation and restriction of Chemicals. REACH applies to any entity manufacturing or importing chemic al substances into Europe. REACH transfers responsibility for the safe use of chemicals from government to industry by making the companies (manufacturers and importers) responsible for understanding and managing the risks associated with their use.

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Industry Outlook: Commodity Polymers

In the case of PVC, regional capacity development shows considerable variation because of the sharply differing consumption outlook and production costs. Low growth and high energy prices make investment in North America and Western Europe unattractive. However, capacity development in China is reported to be rapid because of the massive demand growth and the relative attractiveness of coal-based production. While coal/acetylene technology has been progressively replaced by ethylene-based production in other regions, coal-based production Capacity in China expanded in China has been encouraged as it does not

Chart 15: Global PVC Capacity and Operating Rates

52.0 51.0 75%

50.0
Quantity (MTA)
49.0 48.0

74%

47.0
46.0 45.0

73%

44.0
43.0 42.0 CY10 CY11 Capacity CY12 CY13 CY14

72%

71%

Operating Rate

require imported feedstock, or compete for the Source: Industry, ICRA Analysis limited supplies of ethylene. The required feedstockscoal and limestoneare concentrated in the western parts of China, which are relatively underdeveloped. Industrial activity in these regions is therefore inexpensive, and promotes economic growth in otherwise isolated areas. Capacity in China expanded from 5 MTA in 2003 to over 15 MTA in 2009, almost 90% of the total global capacity expansion over the period stated. As for West Asia, the pace of capacity development of polymers has been slow because of the lack of local consumers for caustic soda, the by-product from chlorine production, and the availability of more attractive investment opportunities in olefins.

India also set to witness significant capacity additions, but persisting deficit in PE and PVC and growing market should partly address supply concerns; producer margins expected to remain subdued over the medium term in line with global trends
The Indian market has also been witnessing capacity additions both by incumbents and new entrants. Indian Oil Corporation (IOC) commissioned a 650 kilo tonne per annum (KTA) PE capacity and a 600 KTA PP capacity at its Panipat refinery complex, in the state of Haryana in February 2010, while Haldia Petrochemicals Limited (HPL) commissioned a 150 KTA expansion project in February 2010. Another 1.64 MTA of PE capacity is proposed to be added in India till 2015-16. In ICRAs opinion, these additions should not materially impact the operating rates of the domestic players, as they would replace imports (PE at about 970 KTA), although the PP market should continue to be in a state of surplus, necessitating continuance of exports.

Table 1: Polyethylene Capacity Additions (Kilo Tonnes per Annum)

2010 Haldia Petrochemicals Gas Authority of India Indian Oil Corporation Brahmaputra Cracker and Polymer ONGC Petro additions Total
Source: Industry, ICRAs analysis

2011 100

2012 -

2013 -

2014 -

2015 300

150 650 800

100

220 1,020 1,240

300

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Industry Outlook: Commodity Polymers

Table 2: Polypropylene Capacity Additions (Kilo Tonnes per Annum)

2010 Haldia Petrochemicals Gas Authority of India Indian Oil Corporation Brahmaputra Cracker and Polymer HPCL-Mittal Energy ONGC Petro additions Mangalore Refinery and Petrochemicals Total
Source: Industry, ICRAs analysis

2011 -

2012 350 350

2013 60 340 400

2014 460 460

2015 -

75 600 675

ICRA has taken note of the announcement by Reliance Industries Limited to set up a large off gas based cracker of 1.5 MTA olefins capacity (1.365 MTA ethylene and 0.15 MTA propylene) with matching capacities for polymers and mono-ethylene glycol and synthetic rubbers. But since the detailed product mix of the proposed cracker complex is not yet available and uncertainty exists on the timeline for this project, ICRA has not factored the same in the estimates as presented in Chart 16 and 17.
Chart 16: Domestic Supply-Demand Forecast for PE
5000
4500 4000

Chart 17: Domestic Supply Demand Forecast of PP

4500 4000

3500
Quantity (KTA)
FY10 FY11 Demand FY12 Supply FY13 Deficit FY14 FY15

Quantity (KTA)

3500 3000

3000 2500 2000

2500 2000
1500 1000 500 0

1500
1000 500 0 FY10 FY11 Demand FY12 Supply FY13 Surplus FY14 FY15

Source: Industry, ICRAs analysis

Source: Industry, ICRAs analysis

In the case of PVC, domestic capacity has been lagging demand since 2003 and the country has been relying increasingly on PVC imports to meets its growing requirement of the polymer. The lone capacity addition in the recent past has been the one by Chemplast Sanmar, which commissioned its greenfield PVC project at Cuddalore, Tamil Nadu, in September 2009. The plant has an annual capacity of 1.7 lakh tonnes. India should remain a net importer of PVC over the medium to long term, given the absence of any other capacity expansions in the pipeline and the small size of the debottlenecking projects that have been announced by companies in the industry. As for producer margins, the tolling margins for naphtha and gas crackers have improved since the lows reached in the fourth quarter (Q4) of 2008-09. The improvement has been enabled largely by the
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Chart 18: Domestic Supply-Demand Forecast for PVC

3000
2500 2000 1500 1000 500 0 FY10 FY11 Demand FY12 Supply FY13 Deficit FY14 FY15

Source: Industry, ICRAs analysis

Quantity (KTA)

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Industry Outlook: Commodity Polymers

3

pick-up in polymer prices, aided by a demand revival, besides the levy of anti-dumping duties on certain global exporters. Nonetheless, the current margins remain below the long-term average, and this is expected to persist over the medium term, given the anticipated demand-supply dynamics in the global market. The tolling margins in PVC could however fluctuate, depending on the spreads between PVC and its intermediates (ethylene, ethylene dichloride, or EDC, and Vinyl Chloride Monomer, or VCM), but are likely to remain below the long-term average, given that new PVC capacities are expected globally over the medium term. The domestic polymer resin manufacturers could also be impacted negatively by increased imports if India were to sign Free Trade Agreements (FTAs) with countries belonging to the Gulf Cooperation Council (GCC), as significant petrochemical capacity with feedstock advantages exists in that region. The domestic industry has recently been feeling the impact of Indias FTA with Singapore in terms of increased supplies, and more FTAs with GCC members could have an adverse impact on the 4 prospects of domestic petrochemicals manufacturers. Additionally, the ASEAN -India FTA has come into effect since January 1, 2010, and the impact of this agreement on domestic petrochemical manufacturers would be felt as tariffs are gradually reduced in phases till 2016. Further, the industrys margin could also be affected adversely if the Indian rupee were to appreciate against the US dollar from the current levels.

CONCLUSION
Notwithstanding the sizeable capacity additions anticipated in India over the next three to four years, the domestic demand-supply balance should remain favourable for PE and PVC resin producers, even as the PP resin market should remain in surplus. It is however not the demand-supply dynamics but increasing import competition from West Asian manufacturers that makes for a pressing concern, given that such competition could translate into subdued tolling margins for incumbents and new entrants over the medium term. Domestic manufacturers who have a moderate to high share of speciality/niche grades that are not produced by West Asian manufacturers could however partly avoid the pressures exerted by larger imports. Import competition apart, the other near-term concerns relate to the ability of domestic manufacturers to pass on increases in feedstock prices in a scenario of rising crude oil prices to consumers and to manage any slowdown in short-term demand against the possible backdrop of rising resin prices. As for the universe of ICRA-rated resin producers, while ICRA does not expect any material rating pressures from the external environment on the rated entities, it will continue to watch the evolving environment closely and take appropriate rating action if the situation warrants. In the case of the downstream polymer companies, the key rating sensitivities would be their ability to pass on increases in resin prices to consumers and their ability to manage project risks. January 2011

Currently anti-dumping duty is levied by India on PP imports from Oman, Saudi Arabia, and Singapore. The duties are company-specific and range from US$ 28.5/tonne to US$ 323.5/tonne; additionally, anti-dumping duty is also imposed on imported suspension grade PVC. The duties are company-specific and range from Rs. 459/tonne to Rs. 4,738/tonne. 4 Association of South East Asian Nations

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Industry Outlook: Commodity Polymers

ANNEXURE I ICRAS PORTFOLIO OF RATED POLYMER PRODUCERS AND DOWNSTREAM POLYMER COMPANIES
Company Commodity Resin Producers Indian Oil Corporation Haldia Petrochemicals Limited Gas Authority of India Limited DCM Shriram Consolidated Limited Downstream Polymer Processors Agroflex Reinforce Inc. Allied Poles (India) Limited Asia Woven Sacks Private Limited Bericap India Private Limited Bhurji Supertek Industries Limited Chepar Plastics Private Limited Fancy Fittings Limited Futura Polyesters Limited Harmony Plastics Private Limited Hitesh Plastics Private Limited Kamdhenu Polymers Private Limited KlenePaks Limited Laxmi Pipes & Fittings Private Limited Marvel Vinyls Limited Mayur Woven Private Limited Moldtek Plastics Limited National Plastic Technologies Limited National Polyplast (India) Limited Northern Strips Limited Oswal Agricomm Private Limited Oswal Cable Products P.P. Products Private Limited Parixit Industries Limited PNP Polymers Private Limited Prince Industries Prince Pipes & Fittings Private Limited Prince SWR Systems Private Limited Princeware International Private Limited Pyramid Plastics Limited Pyramid Technoplast Private Limited R.K. Metal & Plastic Private Limited Rishab Polychem Private Limited Ronch Polymers Private Limited Rukmini Polytubes Private Limited Sanchit Polymers SSF Plastics (India) Private Limited Sunrise Containers Limited Super Plastic Coats Private Limited Tarajyot Polymers Limited Tijaria Polypipes Limited Veekay Plast Veer Plastics Private Limited Volgadelite Plastic Udyog Private Limited Weener Empire Plastics Limited
*As on 10 January, 2011 ICRA Rating Services Page 10

Ratings Outstanding* LAAA LBBB+ (Stable), IrBBB+ (Stable) LAAA (Stable) LA and A1

A2

and

LBB- (Stable) and A4 LBB+ (Stable) and A4+ LBB+ (Stable) and A4 LBB (Stable) and A4 LB- and A4 LBB+ and A4+ LBBB (Stable) and A3+ LBLBBB- (Stable) and A3 LBBB (Stable) and A2 LBB- (Stable) and A4 LBB and A4 LBB- (Stable) and A4 LBB (Stable) and A4 LBB (Stable) and A4 LBBB (Stable) and A2 LB+ and A4 LBB (Stable) and A4 LBBB- (Stable) and A3 LBB- (Stable) and A4 LBBB- (Stable) and A3 A4 LBBB (Stable) and A3+ LBB (Stable) and A4 LBB+ (Stable) and A4+ LBBB (Stable) and A3+ LBBB- (Stable) and A3 LBBB+ (Stable) and A2 LBBB and A2 LBB+ (Stable) and A4+ LBB (Stable) and A4 LBB- (Stable) and A4 LBBB (Stable) and A3+ LBB (Stable) and A4 LBBB- and A3 LBBB (Stable) and A2 LBBB+ (Stable) and A2+ LBBB- (Stable) and A3 A4 LBBB- (Stable) and A3 LBB (Stable) and A4 LBBB- and A3 LBB+ and A4+ LBBB (Stable) and A2

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