Fitch: Siam Cement stable

Fitch Ratings said it has revised Siam Cement Public Co. Ltd.'s outlook to stable from positive.

The ratings have been affirmed at national long-term A(tha) and national short-term F1(tha), Fithc said.

The agency added that it has also affirmed Siam Cement's senior unsecured debenture at A(tha).

In addition, Fitch has assigned the company's new up to 25 billion baht of senior unsecured debentures No.1/2012 due 2016 a national long-term A(tha) rating.

The proceeds from the new issue will be used to refinance maturing debentures and for business expansion, according to the agency.

The outlook revision reflects weaker-than-expected profitability driven mainly by weak chemical product-to-feed margins, Fitch noted.

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