TRIS Rating affirms the company rating on Srisawad Corporation PLC (SAWAD) at ?BBB+? with a ?stable? outlook. The rating reflects the company?s strong market presence in the title loan business; very strong capital, leverage, and earnings assessment; and adequate funding and liquidity profile. However, the rating is constrained by the fragile economic environment, intensifying competition, and the company?s relatively high exposure to risky property-backed loans. KEY RATING CONSIDERATIONS Strong market presence maintained The company?s strong market presence as one of the major operators in t...