Fitch affirms Asian Property Development

Fitch Ratings said it affirmed Asian Property Development plc's national long-term rating at BBB(tha)with a stable outlook and national short-term rating at F3(tha), along with the BBB(tha) national long-term rating on its senior unsecured debentures No.1/2003, due 2009, outstanding at THB1.35 billion.

The company's ratings are based on its strong brand recognition, as well as its expertise and solid market position in Bangkok's inner-city townhouse and condominium development market, Fitch said.

The ratings also reflect its strong sales performance, evidenced by a strong sales backlog of THB13 billion at end-June 2007, which to some degree would help mitigate concerns over an industry-wide slowdown, the agency said.

Nevertheless, the company is exposed to the cyclical nature of the residential development business, Fitch added.

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