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Fitch cuts SCG Packaging
Fitch Ratings said it downgraded SCG Packaging PCL's (SCGP) national long-term rating and the senior unsecured ratings on SCGP's Thai baht 40 billion medium-term note program to A(tha) from A+(tha).
“The rating action follows a downgrade of parent the Siam Cement PCL’s (SCC) national long-term rating to A(tha) from A+(tha). SCGP's ratings now reflect its stand-alone credit profile (SCP) of a(tha), which is at the same level as its parent. The downgrade of SCC's ratings reflects SCC's high leverage in the next few years from weaknesses in its chemicals and packaging businesses,” Fitch said in a press release.
The outlook is stable.
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