Fitch revises rating for BAFS

Simultaneously, Fitch has affirmed BAFS’s national short-term rating at F1(tha).
The outlook revision reflects expectations that the company’s financial leverage will increase to a higher level than previously forecast and it will take more time than expected to de-leverage to a level commensurate with the current rating.
The increase in leverage is due to additional capital expenditure (capex) for a new pipeline project as well as weakening operating performance in 2017 after an increase in the excise tax on jet fuel. 
The outlook revision also reflects a reduction in the company’s ability to undertake any material debt-funded capex and absorb project variations, cost overruns or delays.