Fitch Ratings (Thailand) Company Limited has affirmed its National Long-term Rating at AA(tha), with a stable outlook. As for the 1.5 billion baht guaranteed bonds due in 2022, they were issued by Risland (Thailand) Co., Ltd. or RLT, a residential real estate development company. Factors affecting credit rating Credit rating of guaranteed bonds Reflecting the guarantee of the said bonds in full amount. Unconditional and irrevocable by Country Garden Holdings Company Limited (CGH, BBB-/Stable), RLT's major shareholder. The guaranteed debt has the same legal status as other unsecured and unsubordinated debt of CGH Summary Credit Rating Determination The rating of RLT's guaranteed bonds reflects the credit profile of its guarantor, CGH (BBB-/Stable), the guarantor of the bonds. It is a leading residential real estate development company in China.
It is one of the most geographically dispersed companies in China Industry Email List compared to its competitors, which allows CGH to maintain relatively consistent revenue levels throughout the business cycle. CGH has a larger scale and diversification. The geographic risk of operating cash flow is greater than that of companies in Thailand with similar credit ratings, such as Thai Beverage Public Company Limited or ThaiBev (BBB-/AA(tha)/ Negative), which is the market leader in the liquor and beer markets, although ThaiBev is smaller in size. But this is compensated by a strong market leadership position in the spirits market in Thailand. Meanwhile, ThaiBev's negative rating outlook reflects the risks to the company. It faces over the next few years to deleverage. CGH has a stronger credit profile than Total Access Communication Public Company Limited or DTAC (BBB/AA). (tha)/Negative.
Standalone Credit Profile: aa-(tha)) Thailand's third-largest mobile phone operator, DTAC, faces risks in regaining market share. and maintain stable income levels over the next 2-3 years due to intense competition and having a network that has less coverage than competitors. However, the risks are mitigated by low leverage, which results in DTAC has a Standalone Credit Profile rating of aa-(tha). However, DTAC's Negative Rating Outlook reflects expectations that DTAC's debt ratio may increase beyond acceptable levels. This is consistent with the current rating over the next 2-3 years, due to the settlement payment at the end of 2019. DTAC's National Long-Term Rating of AA(tha) includes one rating upgrade. DTAC's Standalone Credit Profile rating reflects its moderate relationship with Telenor ASA of Norway. DTAC's major shareholder. Factors that may affect the rating in the future.
It is one of the most geographically dispersed companies in China Industry Email List compared to its competitors, which allows CGH to maintain relatively consistent revenue levels throughout the business cycle. CGH has a larger scale and diversification. The geographic risk of operating cash flow is greater than that of companies in Thailand with similar credit ratings, such as Thai Beverage Public Company Limited or ThaiBev (BBB-/AA(tha)/ Negative), which is the market leader in the liquor and beer markets, although ThaiBev is smaller in size. But this is compensated by a strong market leadership position in the spirits market in Thailand. Meanwhile, ThaiBev's negative rating outlook reflects the risks to the company. It faces over the next few years to deleverage. CGH has a stronger credit profile than Total Access Communication Public Company Limited or DTAC (BBB/AA). (tha)/Negative.
Standalone Credit Profile: aa-(tha)) Thailand's third-largest mobile phone operator, DTAC, faces risks in regaining market share. and maintain stable income levels over the next 2-3 years due to intense competition and having a network that has less coverage than competitors. However, the risks are mitigated by low leverage, which results in DTAC has a Standalone Credit Profile rating of aa-(tha). However, DTAC's Negative Rating Outlook reflects expectations that DTAC's debt ratio may increase beyond acceptable levels. This is consistent with the current rating over the next 2-3 years, due to the settlement payment at the end of 2019. DTAC's National Long-Term Rating of AA(tha) includes one rating upgrade. DTAC's Standalone Credit Profile rating reflects its moderate relationship with Telenor ASA of Norway. DTAC's major shareholder. Factors that may affect the rating in the future.