Sino-Thai Engineering company affirmed

The rating reflects STEC’s strong business profile as a leading construction contractor with a longstanding track record of completing projects for private and public-sector clients, the company said. 
“The rating also recognises STEC’s resilience to a drop-off in the engineering and construction (E&C) industry, due to the strength of its financial profile, as well as its large and fairly diversified backlog. However, the rating is weighed down by the cyclical nature of the E&C industry and stiff competition. 
“The rating is also constrained by a potential rise in its financial leverage in the wake of forthcoming large-scale projects and investments in the power business.”