Fitch lowers Asian Property Development view to stable

Fitch Ratings said it revised the outlook on Asian Property Development Public Co. Ltd. (APD) to stable from positive.

At the same time, the agency said it affirmed APD's national long- and short-term ratings at BBB(tha) and F3(tha), respectively. Meanwhile, the national long-term ratings on the company's outstanding debentures totaling THB2.6 billion and bills of exchange No. 11-22/2004 and No. 25-36/2004 totaling THB400 million were also affirmed at BBB(tha).

Fitch said the outlook revision is due to APD's higher-than-expected debt and leverage ratios, which are likely to remain high over the next 12 to 18 months and also a deterioration in the industry's prospects.

The ratings of APD reflect its strong niche position in the inner-city townhouse development market in Bangkok as well as its relatively strong operating performance and manageable debt profile for the property sector, the agency added.

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