Fitch affirms Land and Houses

Fitch Ratings said it affirmed Land and Houses plc's national long-term rating at BBB+(tha) and national short-term rating at F2(tha).

The outlook is stable.

The ratings reflect the company's leading position in the Thailand residential property development sector, its solid brands and strong management team with long experience in the industry, Fitch said.

Its diversified property types and locations, as well as large project base help strengthen its cash flow generating capability, the agency said.

The company's financial leverage fell to 3.3x at the end of 2009 from 3.8x at end of 2008, thanks to strong earnings and lower working capital, Fitch added.

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