Sub Sri Thai rating set at 'BBB-' by Tris

The rating reflects SST’s market position in the chain restaurant and quick service restaurant (QSR) market segments and its track records as a warehouse operator and provider of document storage services.
However, the rating is partially weighed down by weak profitability, challenges in the QSR and restaurant businesses, and uncertainty surrounding the efforts to expand the restaurant segment outside Thailand.
TRIS said SST has a long track record and established market positions in the warehouse, wharf, and document storage businesses. SST operates 32 goods storages and 19 document storages. 
Warehouse and document storage segment provides source of revenue and profit that are quite stable. These two segments account for 11 per cent of total revenue in 2018 and 30 per cent of the group’s earnings before interest, tax, depreciation, and amortisation (EBITDA).