S&P ups Advanced Info local currency to A-

Standard & Poor's said it raised its long-term local currency rating on Thailand's Advanced Info Service PCL to A- from BBB+ and affirmed its BBB+ foreign currency rating.

The outlook is stable.

S&P said the rating upgrade is supported by the company's ability to retain its strong market position and its improving financial profile.

Nevertheless, the agency noted that these strengths are offset by intense competition and regulatory uncertainties including a broad range of rules relating to interconnection fees, overall market structure and the conversion of existing concessions, which are to be replaced by licenses.

The foreign currency rating reflects the sovereign credit ratings on Thailand (foreign currency BBB+/stable/A-2; local currency A/stable/A-1), the agency said.

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