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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.

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