TRIS Rating has downgraded the company rating of construction engineering company TTCL PLC (TTCL) to “BBB” from “BBB+”. The downgrade reflects TTCL’s weakened operating performance following a precipitous falloff in new contracts signed as well as higher-than-expected leverage, said TRIS.

TTCL, an integrated engineering procurement and construction firm listed on the Stock Exchange of Thailand, plans to invest more than US$6 billion (Bt204 billion) between the second half of this year and 2020 to establish two coal-fired power plants in Myanmar, chief financial officer Gobchai Tanasugarn said.