Moody's cuts True view to negative

Moody's Investors Service said it affirmed Thailand-based True Corp. plc's Ba3 corporate family rating and changed the outlook to negative from stable.

The change in outlook has been driven by weaker-than-expected operating performance and a risk that True may be in breach of its lenders' financial covenants after March 31, Moody's said. The operating environment in Thailand continues to be challenging such that True's financial profile has been constrained.

The agency said the outlook could stabilize if the company is able to operate comfortably within bank financial covenants both on an actual and prospective basis.

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