TRIS Rating affirms the company rating on East Coast Furnitech PLC (ECF) at ?BB+? and, at the same time, revises the rating outlook to ?stable? from ?negative?. The ?stable? outlook reflects ECF?s rising furniture sales which benefit from the stay-at-home trend due to the Coronavirus Disease 2019 (COVID-19) pandemic and easing pressure of its financial leverage following the divestment of its biomass power plants.
The ?BB+? rating continues to reflect ECF?s adequate competitive strength in the furniture market and established distribution channels through modern-trade retailers in Thailand and export. However, the rating is weighed down by its highly leveraged balance sheet and development risks associated with the ?Minbu? project, a 220-megawatts (MW) solar power project in Myanmar.
TRIS Rating Downgrades Company Rating on TK to BBB from
ryt9.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ryt9.com Daily Mail and Mail on Sunday newspapers.
TRIS Rating Assigns BBB- Rating to Subordinated Capital Debt Worth Up to
ryt9.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ryt9.com Daily Mail and Mail on Sunday newspapers.
TRIS Rating downgrades the company rating on Central Plaza Hotel PLC (CENTEL) and the ratings on its existing senior unsecured debentures to ?A-? from ?A?. The rating action follows our view that the escalating Coronavirus 2019 disease (COVID-19) situation in Thailand compounded by a weak economic outlook will likely result in slower-than-expected business recovery for CENTEL and a drawn-out timeline for the company to restore its financial strength. We expect CENTEL?s leverage ratio as measured by the ratio of adjusted debt to earnings before interest, tax, depreciation, and amortization (EBITDA) to continue its sharp rise in 2021 and stay elevated exceeding the threshold of 4 times until 2024 which is not commensurate with the ?A? rating.
TRIS Rating affirms the company rating on Siamese Asset PLC (SA) at ?BB+? with a ?stable? rating outlook. The rating reflects SA?s evolving brand recognition in the condominium segment and improving capital structure after listing on the Stock Exchange of Thailand (SET) in December 2020. The ratings also take into consideration the company?s limited track record, product segment concentration, and the effects of the prolonged Coronavirus Disease 2019 (COVID-19) pandemic, which could lead to weakening demand for residential properties.
KEY RATING CONSIDERATIONS
Limited track record with evolving brand recognition in the condominium segment
In TRIS Rating?s view, SA?s market position in the condominium segment is improving over time. Its brand recognition in the middle- to high-end condominium segments is evolving. The company develops condominiums under the ?Blossom?, ?Siamese?, ?Siamese Exclusive?, and ?The Collection? brands. SA?s revenues and profitability have improved over the