Fitch changes Siam City Cement to negative

Fitch Ratings (Thailand) Ltd. said it revised Siam City Cement PCL’s outlook to negative from stable and affirmed its national long-term rating at A(tha).

The agency also affirmed the senior unsecured rating at A(tha) and national short-term rating at F1(tha).

Fitch said the negative outlook reflects the risks that challenging domestic conditions may impede an improvement in Siam City Cement’s profit margin and its ability to deleverage to a level consistent with its rating.

The company’s financial leverage, following acquisitions in 2016-1Q17, is likely to remain elevated for longer than the agency previously envisaged.

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