Fitch lowers Total Access

Fitch Ratings said it downgraded Total Access Communication PCL's long-term foreign- and local currency issuer default ratings to BBB- from BBB and its senior debentures to A+(tha) from AA-(tha).

The outlook is stable.

The downgrade follows the company's plans for a special dividend, which is projected to increase the its funds from operations-adjusted net leverage above 1.5 times, according to the agency.

Ratings are supported by the company's strong market position as Thailand's second-largest cellular operator as well as ability to consistently generate strong earnings and cash flow from operations, the agency said.

Credit risks include uncertainty over regulatory, policy and legal issues, the agency noted.

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