S&P revises Seazen views to positive

S&P said it revised the outlooks for Seazen Group Ltd. and Seazen Holdings Co. Ltd. to positive from stable and affirmed the companies’ BB ratings.

The companies’ business strength is improving because of their expanding investment property portfolio. “The growth of this recurring income stream will provide increasing stability to the companies' cash flows,” S&P said in a press release.

The agency said it forecasts rental income to interest coverage to improve to 85% in 2020 and more than 110% in 2021, from 65% in 2019, when commercial management fees are included.

“The positive outlook reflects our view that the companies will continue with the solid execution and expansion of their rental portfolio while maintaining stable debt leverage and extending the debt maturity profile,” S&P said.

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