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Banpu ratings affirmed, outlook downgraded
TRIS Rating has affirmed the company and senior debenture ratings of Banpu at “AA-” and revises the coal company’s outlook to “negative” from “stable”. The “negative” outlook reflects uncertainty surrounding a recovery in the company’s generation of cashflow. Should coal prices remain weak, Banpu’s profitability and cashflow protection will be soft for an extended period.
The “AA-” ratings continue to reflect the company’s leading position in the regional coal industry, its diversified coal reserves and customer base, and the reliable stream of dividend income from its power segment.
The ratings also take into consideration Banpu’s plans to reduce operating costs, and its financial discipline.
SME inventories stagnate
Some small and medium-sized enterprises have experienced difficulty releasing products from inventories because of the slowing economy, resulting in a shortage of liquidity, according to the Thai Chamber of Commerce. They are expected to sell these products at heavy discounts at the end of the year.
VietJet maps out expansion
VietJet Aviation Co, Vietnam’s only privately owned airline, aims to double its domestic market share to 50 per cent in three years, tapping rising demand for flights in the country of 90 million people. VietJet seeks to expand operations with routes to Cambodia and South Korea. It launched its first foreign flights from Ho Chi Minh City and Hanoi to Bangkok this year. – Bloomberg
