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TRIS Rating affirms the company rating on AP (Thailand) PLC (AP) and the ratings on AP?s outstanding senior unsecured debentures at ?A-? with a ?stable? rating outlook. The ratings reflect AP?s strong market position, its large and diverse product line, and strong operating performance resulted from revenue growth in the housing segment and a substantial amount of shared profits under joint venture (JV) projects. The ratings also take into consideration its moderate financial leverage, and the prolonged Coronavirus Disease 2019 (COVID-19) pandemic, which could put more pressure on the demand for residential properties.
KEY RATING CONSIDERATIONS
Strong market position
TRIS Rating affirms the company rating on Dusit Thani PLC (DTC) and the ratings on its outstanding senior unsecured debentures at ?BBB-? with a ?negative? outlook. At the same time, we assign a rating of ?BBB-? to DTC?s proposed issue of up to THB1 billion in senior unsecured debentures. The proceeds from the new debentures will be used to refinance debentures coming due in September 2021.
The ratings reflect our expectation that DTC?s financial profile will continue to be under tight pressure over the short to medium term, induced by the fallout from the Coronavirus Disease 2019 (COVID-19) pandemic on its hotel operations and the large investment required for the development of the ?Dusit Central Park? project. DTC?s adjusted ratio of debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to stay elevated at a level above 10 times until 2024. If the Dusit Central project proceeds as planned, the financial risk profile of the company should begi