Fitch shifts Siam Cement view to stable

Fitch Ratings said it revised Siam Cement PCL’s outlook to stable from negative and affirmed the national long-term and senior unsecured ratings at A+(tha).

“The stable outlook reflects our expectation that SCC will be able to maintain funds from operations (FFO) net leverage at or below 3.5x over the medium-term, after stronger operating cash flow than Fitch expected and equity proceeds from the subsidiary's IPO in 2020. We now estimate SCC's leverage was around 2.5x at end-2020, which should provide sufficient headroom to manage its medium-term capex,” Fitch said in a press release.

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