Fitch Ratings

M&A Remains A Key Risk for PTTGC’s Deleveraging

PTT Global Chemical Public Company Limited’s (PTTGC, AA+(tha)/Negative) strong free cash flow(FCF) generation should support its ability to reduce leverage quickly following the acquisition of Allnex Holding GmbH (Allnex), but another large debt-funded acquisition could jeopardise the deleveraging prospects, Fitch Ratings says in a new report. Fitch expects PTTGC’s FFO net leverage to increase to […]

thaipr.net

2 ก.ย. 64

Fitch Rates Bank of Ayudhya’s Basel III Tier 2 THB Notes at ‘AA(tha)’

Fitch Ratings (Thailand) has assigned Bank of Ayudhya Public Company Limited’s (BAY; AAA(tha)/Stable) upcoming Thai baht-denominated Basel III-compliant Tier 2 subordinated unsecured debentures a rating of ‘AA(tha)’. KEY RATING DRIVERSThe Basel III Tier 2 notes are rated two notches below the issuer’s National Long-Term Rating, to reflect their higher loss-severity risk relative to senior unsecured […]

thaipr.net

30 ส.ค. 64

Fitch Affirms Eastern Polymer Group at ‘A-(tha)’; Stable Outlook

Fitch Ratings (Thailand) Limited has affirmed Eastern Polymer Group Public Company Limited’s (EPG) National Long-Term Rating and the National Long-Term Rating on its senior unsecured debt at ‘A-(tha)’. The Outlook is Stable. EPG’s rating reflects its steady operating performance amid the economic downturn, its leading position in a niche market through diversified businesses and low […]

thaipr.net

27 ส.ค. 64

Fitch Rates KASIKORNBANK’s Short-Term Debentures at ‘F1+(tha)’

Fitch Ratings (Thailand) has assigned KASIKORNBANK Public Company Limited’s (KBank, BBB/AA+(tha)/Stable/bbb) upcoming euro-denominated senior unsecured short-term debentures a National Short-Term Rating of ‘F1+(tha)’. The notes will be issued under the bank’s THB30 billion medium-term note programme, which allows for issuance in both Thai baht and foreign currencies. The debentures will be offered to institutional…

thaipr.net

13 ส.ค. 64

Fitch Assigns Siam Cement’s Proposed Debentures ‘A+(tha)’ Rating

Fitch Ratings (Thailand) Limited has assigned The Siam Cement Public Company Limited’s (SCC, A+(tha)/Stable) proposed THB25 billion unsecured and unsubordinated debentures a National Long-Term Rating of ‘A+(tha)’. The proceeds from the proposed debentures No.2/2564, which are due 2025, will be used to refinance maturing debentures No.3/2560 due October 2021. The proposed debentures are rated at […]

thaipr.net

2 ส.ค. 64

Thai Banks’ Results Show Buffers Retained Against Ongoing Risks

Thai banks’ steady financial performance in 1H21 does not reflect ongoing risks, especially to asset quality, says Fitch Ratings. The recent escalation of the Covid-19 pandemic in Thailand will significantly affect business activity, while the Bank of Thailand’s regulatory relief measures will reduce asset-quality pressures on bank balance sheets until 2022. However, Fitch believes that […]

thaipr.net

29 ก.ค. 64

Fitch Assigns Minor International’s USD Guaranteed Securities Final ‘BBB’ Rating

Fitch Ratings has assigned Minor International Public Company Limited’s (MINT) US dollar guaranteed senior perpetual capital securities a final rating of ‘BBB’. The final rating reflects the credit enhancement provided to investors by the unconditional and irrevocable guarantee from Thailand-based Bangkok Bank Public Company Limited (BBL, BBB/Stable) acting through its Singapore branch. The final rating […]

thaipr.net

21 ก.ค. 64

Thailand’s PTT Has Sufficient Headroom to Support Acquisitions

Thailand-based PTT Public Company Limited’s (BBB+/AAA(tha)/Stable) petrochemical and power acquisitions, which form part of its energy transition plan, will enhance the group’s geographic and business diversification, Fitch Ratings says. The acquisitions will drive up PTT’s financial leverage over the next two years, but the current low financial leverage should provide headroom to absorb the investments. […]

thaipr.net

20 ก.ค. 64
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