Fitch trims Bangkok Aviation Fuel Services

Fitch Ratings said it downgraded Bangkok Aviation Fuel Services PCL’s national long-term rating to A-(tha) from A(tha). The outlook is negative.

“The downgrade and the negative outlook reflect Fitch’s expectation that BAFS’s financial leverage is likely to surge beyond a level that is consistent with its rating over the next two years in light of the effect of the coronavirus pandemic on the global aviation industry. Deleveraging depends on a recovery in the global aviation industry, which is uncertain and not likely to be rapid in 2021,” said Fitch in a press release.

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