TRIS Rating Co., Ltd. has affirmed the rating of Bt400 million senior debentures (LALI077A) of Lalin Property PLC (LALIN) at "BBB+". At the same time, TRIS Rating has assigned a rating of "BBB+" to LALIN's proposed Bt400 million senior debentures. TRIS Rating has also assigned the "stable" rating outlook for LALIN.
TRIS Rating said that the ratings reflect the company's record in the middle income housing market, its capability in controlling operating costs, its conservative financial policy and strong financial position. These strengths are partially offset by the company's relative dependence on its owner to run the company as well as the cyclical nature and continued intense competition of the real estate industry. The proceeds of LALIN's debentures offering will be used to acquire land and used as working capital.
TRIS Rating added that the "stable" outlook reflects the expectation that LALIN will maintain its sales performance and profitability despite increasing construction material costs. The company is expected to conservatively manage its liquidity and leverage while pursuing business expansion, TRIS Rating said. -- End
Lalin Property PLC (LALIN) Issue Ratings: LALI077A: Bt400 million senior debentures due 2007 Affirmed at BBB+ Bt400 million senior debentures due 2007 BBB+ Rating Outlook: Stable
TRIS Rating said that the ratings reflect the company's record in the middle income housing market, its capability in controlling operating costs, its conservative financial policy and strong financial position. These strengths are partially offset by the company's relative dependence on its owner to run the company as well as the cyclical nature and continued intense competition of the real estate industry. The proceeds of LALIN's debentures offering will be used to acquire land and used as working capital.
TRIS Rating added that the "stable" outlook reflects the expectation that LALIN will maintain its sales performance and profitability despite increasing construction material costs. The company is expected to conservatively manage its liquidity and leverage while pursuing business expansion, TRIS Rating said. -- End
Lalin Property PLC (LALIN) Issue Ratings: LALI077A: Bt400 million senior debentures due 2007 Affirmed at BBB+ Bt400 million senior debentures due 2007 BBB+ Rating Outlook: Stable