TRIS Rating Downgrades Company Rating on "PDI" to "BB" from "BBB-" and
TRIS Rating downgrades the company rating on Padaeng Industry PLC (PDI) to ?BB? from ?BBB-?, while maintaining the ?negative? rating outlook. The rating downgrade reflects our expectation of PDI?s weakened business risk profile and the expected material rise in its debt level following its planned acquisition of two brand-new luxury hotels. Given the resolutions of the recent shareholders? meeting, we expect PDI will be shifting entirely away from its existing power business which has been a stable source of revenue. PDI will move into the hospitality industry, focusing on the hotel business....
Source: ryt9.com