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Fitch: Advanced Info, Total Access on negative watch
Fitch Ratings said it placed the ratings of Advanced Info Service plc and Total Access Communication plc on Rating Watch negative, and assigned a long-term foreign-currency issuer default rating of BBB+ to Advanced Info Service. The ratings on negative watch include Advanced Info Service's long-term foreign-currency issuer default rating of BBB+, national long-term rating of AA(tha) and national short-term rating of F1+(tha). The negative watch also includes Total Access Communication's long-term foreign-currency issuer default rating of BB+, national long-term rating of A(tha), short-term rating of F1(tha) and senior unsecured debentures rated A(tha).
The action follows heightening policy, regulatory and legal risks that could substantially affect the major telecom operators in Thailand, Fitch said. The agency said these risks may go beyond merely a tightening in the foreign ownership laws. The watch will be resolved once there is greater certainty on the key policy and regulatory issues.
The ratings are based on Advanced Info Service's strong financial position and leading market position as Thailand's largest cellular operator, supported by its strong national network coverage, Fitch said. Total Access Communication's ratings reflect its strong market position, strengthening financial position and shareholder support from Telenor of Norway, the agency said.
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