TRIS affirms Tirathai rating, downgrades outlook
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TRIS Rating on Monday affirmed the company rating on Tirathai at “BBB-”, but revised the outlook to “negative” from “stable”.
The “negative” outlook reflects concerns over the listed company’s abated competitive and financial strengths, which result in a weak resilience, TRIS said.
The rating continues to take into account Tirathai’s long track record and its capability in producing both power and distribution transformers with a wide range of capacities and system voltages.
These strengths are however considerably weighed down by high competitive pressure, a streak of eroded performance, and high leverage, the ratings firm added.
