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Moody’s lifts ThaiBev view to positive
Moody’s Investors Service said it affirmed Thai Beverage PCL’s (ThaiBev) Baa3 senior unsecured issuer rating.
Moody’s also said it changed the outlook to positive from stable.
The change in outlook to positive primarily reflects management’s prudent approach to de-leveraging since the company’s debt-funded acquisition of a minority stake in Fraser and Neave in 2012, the agency said.
The company’s adjusted debt-to-EBITDA ratio has improved to 1.7x at year-end 2015 from 4x at year-end 2012, Moody’s said.
The positive outlook also considers an expectation that such de-leveraging will be sustained over the next 12- to 15-months, the agency said.
The company’s leading domestic market position in spirits has continued to support strong cash flow generation and its re-launch of its Chang Classic beer product in August 2015 also has supported positive momentum in its beer segment, Moody’s added.
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